Ares Management (ARES) 10-Q4 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 31, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-36429
Entity Registrant Name	ARES MANAGEMENT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0962035
Entity Address, Address Line One	2000 Avenue of the Stars
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	201-4100
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	ARES
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001176948
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		173,420,074
Non-voting Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		3,489,911
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		1,000
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		117,275,157

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets
Intangible assets, net	$ 670,308			$ 768,818
Goodwill	996,740			787,972
Total assets	21,206,326			21,605,164
Liabilities
Operating lease liabilities	193,180
Total liabilities	16,641,576			16,694,730
Commitments and contingencies
Stockholders' Equity
Additional paid-in-capital	1,911,736			1,913,559
Accumulated deficit	(374,198)			(89,382)
Accumulated other comprehensive loss, net of tax	(28,819)			(1,855)
Total stockholders' equity	1,511,661			1,825,227
Total equity	3,467,648	$ 3,668,147	$ 3,667,621	3,814,426	$ 3,540,526	$ 3,441,115	$ 2,420,568	$ 2,471,774
Total liabilities, redeemable interest, non-controlling interests and equity	21,206,326			21,605,164
Class A Common Stock
Stockholders' Equity
Common stock	1,724			1,684
Non-voting Common Stock
Stockholders' Equity
Common stock	35			35
Class B Common Stock
Stockholders' Equity
Common stock	0			0
Class C Common Stock
Stockholders' Equity
Common stock	1,183			1,186
Consolidated Funds
Assets
Cash and cash equivalents	683,976			1,049,191
Due from affiliates	7,736			7,234
Other assets	45,387			39,430
U.S. Treasury securities, at fair value	1,005,094			1,000,285
Investments, at fair value	11,569,191			11,816,393
Receivable for securities sold	189,823			281,132
Liabilities
Accounts payable, accrued expenses and other liabilities	121,994			103,258
Due to affiliates	0			0
Payable for securities purchased	419,726			1,118,456
CLO loan obligations, at fair value	10,313,881			10,657,661
Fund borrowings	149,546			127,771
Redeemable interest	1,004,994	1,000,000	1,000,000	1,000,000
Non-controlling interests in Consolidated Funds	834,710			591,452
Ares Operating Group
Liabilities
Redeemable interest	92,108	$ 93,518	$ 96,347	96,008
Non-controlling interests in Ares Operating Group entities	1,121,277			1,397,747
Ares Management L.P
Assets
Cash and cash equivalents	361,500			343,655
Investments (includes accrued carried interest of $3,290,381 and $2,998,421 at September 30, 2022 and December 31, 2021, respectively)	4,112,393			3,684,264
Due from affiliates	561,503			670,383
Other assets	275,189			334,755
Right-of-use operating lease assets	159,686			167,652
Intangible assets, net	1,238,108			1,422,818
Goodwill	996,740			787,972
Liabilities
Accounts payable, accrued expenses and other liabilities	305,131			279,673
Accrued compensation	595,330			310,222
Due to affiliates	122,307			198,553
Performance related compensation payable	2,402,019			2,190,352
Debt obligations	2,018,462			1,503,709
Operating lease liabilities	193,180			205,075
Stockholders' Equity
Additional paid-in-capital	1,911,736			1,913,559
Accumulated deficit	(374,198)			(89,382)
Accumulated other comprehensive loss, net of tax	(28,819)			(1,855)
Total stockholders' equity	1,511,661			1,825,227
Ares Management L.P \| Class A Common Stock
Stockholders' Equity
Common stock	1,724			1,684
Ares Management L.P \| Non-voting Common Stock
Stockholders' Equity
Common stock	35			35
Ares Management L.P \| Class B Common Stock
Stockholders' Equity
Common stock	0			0
Ares Management L.P \| Class C Common Stock
Stockholders' Equity
Common stock	$ 1,183			$ 1,186

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Common stock, shares outstanding (in shares)	294,168,505	290,451,548
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	172,402,437	168,351,305
Common stock, shares outstanding (in shares)	172,402,437	168,351,305
Non-voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,489,911	3,489,911
Common stock, shares outstanding (in shares)	3,489,911	3,489,911
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	499,999,000	499,999,000
Common stock, shares issued (in shares)	118,275,157	118,609,332
Common stock, shares outstanding (in shares)	118,275,157	118,609,332
Ares Management L.P \| Carried interest
Equity method investments:	$ 3,290,381	$ 2,998,421

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues	$ 801,290	$ 948,719	$ 2,117,719	$ 2,901,926
Expenses
Compensation and benefits	425,419	335,569	1,155,031	837,108
Performance related compensation	142,934	331,141	316,818	1,208,954
General, administrative and other expenses	319,352	134,453	562,441	285,471
Total expenses	898,102	813,267	2,062,654	2,363,108
Other income (expense)
Net realized and unrealized gains on investments	4,431	8,334	10,765	18,744
Interest and dividend income	2,086	1,376	5,064	6,818
Interest expense	(18,307)	(11,523)	(51,174)	(25,125)
Other income, net	2,601	36,654	10,194	30,686
Total other income (expense)	36,434	111,536	112,932	218,011
Income (loss) before taxes	(60,378)	246,988	167,997	756,829
Income tax expense (benefit)	(11,599)	30,275	22,272	104,487
Net income (loss)	(48,779)	216,713	145,725	652,342
Net income (loss) attributable to Ares Management Corporation	(35,546)	84,726	50,048	284,748
Less: Series A Preferred Stock dividends paid	0	0	0	10,850
Less: Series A Preferred Stock redemption premium	0	0	0	11,239
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	$ (35,546)	$ 84,726	$ 50,048	$ 262,659
Class A Common Stock
Net income (loss) per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ (0.22)	$ 0.49	$ 0.23	$ 1.55
Diluted (in dollars per share)	$ (0.22)	$ 0.45	$ 0.23	$ 1.48
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	175,631,144	168,931,621	175,010,241	161,071,151
Diluted (in shares)	175,631,144	186,522,157	175,010,241	177,143,438
Non-voting Common Stock
Net income (loss) per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ (0.22)	$ 0.49	$ 0.23	$ 1.55
Diluted (in dollars per share)	$ (0.22)	$ 0.45	$ 0.23	$ 1.48
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	175,631,144	168,931,621	175,010,241	161,071,151
Diluted (in shares)	175,631,144	186,522,157	175,010,241	177,143,438
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 10,397	$ 12,104	$ 28,364	$ 31,575
Other income (expense)
Net realized and unrealized gains on investments	(30)	34,245	8,031	44,720
Interest expense	(112,762)	(61,578)	(266,028)	(191,577)
Interest and other income of Consolidated Funds	158,415	104,028	396,080	333,745
Less: Net income (loss) attributable to non-controlling interests	16,340	47,370	48,700	102,255
Ares Operating Group
Other income (expense)
Net income (loss)	(65,119)	169,343	97,025	550,087
Less: Net income (loss) attributable to non-controlling interests	(29,666)	84,293	46,942	264,646
Less: Net income attributable to redeemable interest in Ares Operating Group entities	93	324	35	693
Management fees
Revenues
Total revenues	548,458	448,262	1,546,350	1,135,821
Carried interest allocation
Revenues
Total revenues	192,186	460,651	417,779	1,610,707
Incentive fees
Revenues
Total revenues	8,882	696	29,979	19,420
Principal investment income
Revenues
Total revenues	11,582	14,250	15,521	86,477
Administrative, transaction and other fees
Revenues
Total revenues	$ 40,182	$ 24,860	$ 108,090	$ 49,501

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net income (loss)	$ (48,779)	$ 216,713	$ 145,725	$ 652,342
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	(29,611)	(11,324)	(71,648)	(18,439)
Total comprehensive income (loss)	(78,390)	205,389	74,077	633,903
Consolidated Funds
Other comprehensive income (loss):
Less: Comprehensive income (loss) attributable to non-controlling interests	7,141	42,015	24,506	89,784
Ares Operating Group
Net income (loss)	(65,119)	169,343	97,025	550,087
Other comprehensive income (loss):
Less: Comprehensive income (loss) attributable to non-controlling interests	(37,518)	81,947	28,712	262,492
Less: Comprehensive loss attributable to redeemable interest in Ares Operating Group entities	(840)	(32)	(2,225)	(67)
Ares Management Corporation \| Ares Management L.P
Other comprehensive income (loss):
Comprehensive income (loss) attributable to Ares Management Corporation	$ (47,173)	$ 81,459	$ 23,084	$ 281,694

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Accumulated deficit	Accumulated Other Comprehensive Income (loss)	Non-Controlling interest Ares Operating Group	Non-Controlling interest Consolidated Funds	Series A Preferred Stock Preferred Stock	Class A Common Stock Common Stock	Non-voting Common Stock Common Stock	Class C Common Stock Common Stock
Beginning balance at Dec. 31, 2020	$ 2,471,774	$ 1,043,669	$ (151,824)	$ 483	$ 738,369	$ 539,720	$ 298,761	$ 1,472	$ 0	$ 1,124
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(86,139)	(41,686)			(44,477)			26		(2)
Capital contributions	11,011					11,011
Dividends/Distributions	(186,022)		(74,684)		(67,084)	(38,829)	(5,425)
Net income (loss)	164,278		52,953		56,042	49,858	5,425
Currency translation adjustment, net of tax	(9,983)			(545)	(366)	(9,072)
Equity compensation	55,649	31,752			23,897
Ending balance at Mar. 31, 2021	2,420,568	1,033,735	(173,555)	(62)	706,381	552,688	298,761	1,498	0	1,122
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(22,016)	(165,886)			143,867			3
Issuances of common stock	827,430	827,273						122	35
Capital contributions	352,643				317,595	34,994				54
Redemption of preferred stock	(310,000)						(310,000)
Dividends/Distributions	(185,295)		(82,825)		(63,585)	(33,460)	(5,425)
Net income (loss)	270,982		124,980		124,311	5,027	16,664
Currency translation adjustment, net of tax	3,272			758	558	1,956
Equity compensation	69,504	41,003			28,501
Stock option exercises	14,027	14,019						8
Ending balance at Jun. 30, 2021	3,441,115	1,750,144	(131,400)	696	1,257,628	561,205	0	1,631	35	1,176
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(107,650)	79,787			(187,454)			38		(21)
Capital contributions	85,138				211,444	(126,339)				33
Dividends/Distributions	(162,871)		(82,307)		(68,083)	(12,481)
Net income (loss)	216,389		84,726		84,293	47,370
Currency translation adjustment, net of tax	(10,968)			(3,267)	(2,346)	(5,355)
Equity compensation	65,991	38,607			27,384
Stock option exercises	13,382	13,375						7
Ending balance at Sep. 30, 2021	3,540,526	1,881,913	(128,981)	(2,571)	1,322,866	464,400	0	1,676	35	1,188
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(1,687)	(5,504)			(9,671)	13,487		3		(2)
Capital contributions	123,959				9,981	113,978
Dividends/Distributions	(169,065)		(84,490)		(70,448)	(14,127)
Net income (loss)	267,997		124,089		125,794	18,114
Currency translation adjustment, net of tax	(3,158)			716	526	(4,400)
Equity compensation	46,047	27,348			18,699
Stock option exercises	9,807	9,802						5
Ending balance at Dec. 31, 2021	3,814,426	1,913,559	(89,382)	(1,855)	1,397,747	591,452	0	1,684	35	1,186
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(182,191)	(110,577)			(90,843)	19,202		28		(1)
Issuances of common stock	12,835	12,834						1		0
Capital contributions	84,009				1,079	82,930
Dividends/Distributions	(246,844)		(111,406)		(100,480)	(34,958)
Net income (loss)	140,499		45,863		47,254	47,382
Currency translation adjustment, net of tax	(12,062)			(4,164)	(2,803)	(5,095)
Equity compensation	53,602	31,896			21,706
Stock option exercises	3,347	3,345						2
Ending balance at Mar. 31, 2022	3,667,621	1,851,057	(154,925)	(6,019)	1,273,660	700,913	0	1,715	35	1,185
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(2,920)	(5,599)			(3,135)	5,815		0		(1)
Capital contributions	136,319				969	135,350				0
Dividends/Distributions	(213,144)		(111,506)		(82,958)	(18,680)
Net income (loss)	54,063		39,731		29,354	(15,022)
Currency translation adjustment, net of tax	(28,648)			(11,173)	(7,575)	(9,900)
Equity compensation	49,559	29,569			19,990
Stock option exercises	5,297	5,294						3
Ending balance at Jun. 30, 2022	3,668,147	1,880,321	(226,700)	(17,192)	1,230,305	798,476	0	1,718	35	1,184
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(8,004)	(3,173)			(4,354)	(479)		3		(1)
Capital contributions	81,915				1,549	80,366				0
Dividends/Distributions	(250,787)		(111,952)		(88,041)	(50,794)
Net income (loss)	(48,872)		(35,546)		(29,666)	16,340
Currency translation adjustment, net of tax	(28,678)			(11,627)	(7,852)	(9,199)
Equity compensation	48,040	28,704			19,336
Stock option exercises	5,887	5,884						3
Ending balance at Sep. 30, 2022	$ 3,467,648	$ 1,911,736	$ (374,198)	$ (28,819)	$ 1,121,277	$ 834,710	$ 0	$ 1,724	$ 35	$ 1,183

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 145,725	$ 652,342
Net cash used in operating activities	(543,605)	(1,843,751)
Cash flows from investing activities:
Net cash used in investing activities	(330,046)	(1,072,578)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	927,081	2,692,984
Effect of exchange rate changes	(35,585)	(20,763)
Net change in cash and cash equivalents	17,845	(244,108)
Cash and cash equivalents, beginning of period	343,655
Cash and cash equivalents, end of period	361,500	295,704
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	12,835	511,069
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	(1,128,425)	(1,688,085)
Cash flows due to changes in operating assets and liabilities	(195,504)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds	(195,504)	(729,703)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	298,646	919,666
Distributions to non-controlling interests in Consolidated Funds	(104,432)	(84,770)
Borrowings under loan obligations by Consolidated Funds	1,120,680	1,456,887
Repayments under loan obligations by Consolidated Funds	(121,273)	(74,909)
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	320,950	71,133
Cash flows due to changes in operating assets and liabilities	313,649	(149,438)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(28,388)	(15,152)
Acquisitions, net of cash acquired	(301,658)	(1,057,426)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	0	827,430
Proceeds from Credit Facility	940,000	468,000
Proceeds from issuance of senior and subordinated notes	488,915	450,000
Repayments of Credit Facility	(910,000)	(318,000)
Dividends and distributions	(608,220)	(438,568)
Series A Preferred Stock dividends	0	(10,850)
Redemption of Series A Preferred Stock	0	(310,000)
Stock option exercises	14,531	27,409
Taxes paid related to net share settlement of equity awards	(194,223)	(221,287)
Other financing activities	2,457	1,976
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	343,655	539,812
Cash and cash equivalents, end of period	$ 361,500	$ 295,704

ORGANIZATION

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Ares Management Corporation (the “Company”), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Assets, Secondaries and Strategic Initiatives. Information about segments should be read together with “Note 15. Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the “Ares Funds”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. The accompanying unaudited financial statements include the condensed consolidated results of the Company and its subsidiaries. In this Quarterly Report, Ares Holdings L.P. (“Ares Holdings”) is a subsidiary that is referred to as the “Ares Operating Group” or “AOG”. The Company, indirectly through its wholly owned subsidiary, Ares Holdco LLC, is the general partner of the Ares Operating Group entity. The Company operates and controls all of the businesses and affairs of and conducts all of its material business activities through the Ares Operating Group. The Company and its wholly owned subsidiaries manages or controls certain entities that have been consolidated in the accompanying financial statements as described in “Note 2. Summary of Significant Accounting Policies.” These entities include Ares funds, co-investment vehicles, collateralized loan obligations or funds (collectively “CLOs”) and a special purpose acquisition company (“SPAC”) (collectively, the “Consolidated Funds”). Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying consolidated financial statements. However, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to Stockholders' Equity, except where a reallocation of ownership occurs based on specific terms of a profit sharing agreement, such as a redemption or liquidation preference. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable in the Condensed Consolidated Statements of Cash Flows. Redeemable Interest and Non-Controlling Interests in Ares Operating Group Entities The non-controlling interests in AOG entities represent a component of equity and net income attributable to the owners of the Ares Operating Group Units (“AOG Units”) that are not held directly or indirectly by the Company. These owners consist predominantly of Ares Owners Holdings L.P. but also include other strategic distribution partnerships with whom the Company has established joint ventures and other non-controlling strategic investors. Non-controlling interests in AOG entities are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income from the AOG entities either based on their historical ownership percentage for the proportional number of days in the reporting period or based on the activity associated with certain membership interests.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation. The Company has reclassified certain prior period amounts to conform to the current year presentation. Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its unaudited condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) , to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 and ASU 2021-01 at any time after March 12, 2020 but no later than December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has concluded this guidance will not have a material impact on its unaudited condensed consolidated financial statements.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
BUSINESS COMBINATIONS	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	3. BUSINESS COMBINATIONS Acquisition of Landmark Partners, LLC (collectively with its subsidiaries, “Landmark”) On June 2, 2021, a subsidiary of the Company completed the acquisition of 100% of the equity interests of Landmark, a subsidiary of BrightSphere Investment Group Inc. (NYSE: BSIG) and Landmark Investment Holdings L.P., in accordance with the purchase agreement entered into on March 30, 2021 (the “Landmark Acquisition”). As a result of the Landmark Acquisition, the Company expanded into the secondaries market with Landmark’s focus of managing private equity, real estate and infrastructure secondaries funds. Following the completion of the Landmark Acquisition, the results of Landmark are included in a newly created Secondaries Group segment. The acquisition date fair value of the consideration transferred totaled $1.1 billion, which consisted of the following: Cash $ 803,309 Equity (1) 299,420 Total $ 1,102,729 (1) 5,415,278 AOG Units were issued in connection with the Landmark Acquisition and increased Ares Owners Holdings L.P.’s ownership interest in the AOG entities. The following is a summary of the fair values of assets acquired and liabilities assumed for the Landmark Acquisition as of June 2, 2021, based upon third party valuations of certain intangible assets. The fair value of assets acquired and liabilities assumed are estimated to be: Cash $ 25,645 Other tangible assets 23,403 Intangible assets: Management contracts 425,880 Client relationships 197,160 Trade name 86,200 Total intangible assets 709,240 Total identifiable assets acquired 758,288 Accounts payable, accrued expenses and other liabilities 73,216 Net identifiable assets acquired 685,072 Goodwill 417,657 Net assets acquired $ 1,102,729 The carrying value of goodwill associated with Landmark was $417.7 million as of the acquisition date and is entirely allocated to the Secondaries Group segment. The goodwill is attributable primarily to expected synergies and the assembled workforce of Landmark. In connection with the Landmark Acquisition, the Company allocated $425.9 million, $197.2 million and $86.2 million of the purchase price to the fair value of the management contracts, client relationships and trade name, respectively. The acquired management contracts and client relationships had a weighted average amortization period as of the acquisition date of 7.4 years and 11.8 years, respectively. At the acquisition date, the trade name was determined to have an indefinite useful life and was not subject to amortization as the Company intended to operate under its brand name into perpetuity. During the three months ended September 30, 2022, the Company recognized non-cash impairment charges on certain of the intangible assets from the Landmark Acquisition. See “Note 4. Goodwill and Intangible Assets” for further discussion. Supplemental information of the Company’s consolidated results on an unaudited pro forma basis, as if the Landmark Acquisition had been consummated as of January 1, 2020, is as follows: Three months ended September 30, Nine months ended September 30, 2021 2021 Total revenues $ 948,719 $ 2,966,540 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 87,542 $ 257,361 The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable. These results are not necessarily indicative of the Company’s consolidated financial condition or statements of operations in future periods or the results that actually would have been realized had the Company and Landmark been a combined entity during the periods presented. These pro forma amounts have been calculated after applying the following adjustments that were directly attributable to the Landmark Acquisition: • adjustments to include the impact of the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2020, together with the consequential tax effects; • adjustments to include the AOG Units issued as consideration for the Landmark Acquisition, as if they were issued on January 1, 2020, and the resulting change in ownership attributable to Ares Management Corporation; • adjustments to reflect the pro-rata economic ownership attributable to Ares Management Corporation; • adjustments to reflect the tax effects of the Landmark Acquisition and the related adjustments as if Landmark had been included in the Company’s results as of January 1, 2020; and • adjustments to include Landmark Acquisition related transaction costs in earnings in 2020. Acquisition of Black Creek Group On July 1, 2021, a subsidiary of the Company completed the acquisition of 100% of the equity interests of Black Creek Group’s U.S. real estate investment advisory and distribution business (“Black Creek”) in accordance with the purchase agreement entered into on May 20, 2021 (the “Black Creek Acquisition”). Black Creek is a leading real estate investment management firm that operates in core and core-plus real estate strategies across two non-traded Real Estate Investment Trusts (“REITs”) and various institutional fund vehicles. Following the completion of the Black Creek Acquisition, the results of Black Creek are included within the Real Assets Group segment. Acquisition of AMP Capital’s Infrastructure Debt Platform (“Infrastructure Debt Acquisition”) On February 10, 2022, a subsidiary of the Company completed the acquisition of AMP Capital’s Infrastructure Debt platform in accordance with the purchase agreement entered into on December 23, 2021 (the “Infrastructure Debt Acquisition”). The Infrastructure Debt Acquisition adds complementary investment capabilities to Ares’ current activities in the rapidly growing infrastructure asset class. Following the completion of the Infrastructure Debt Acquisition, the results of the infrastructure debt platform are presented within the Real Assets Group. See “Note 15. Segment Reporting” for further discussion on the Company’s change in segment composition during the first quarter of 2022. The acquisition date fair value of the consideration transferred totaled $328.6 million, consisting of $315.8 million in cash and $12.8 million of restricted units of Class A common stock that were granted and vested on the acquisition close date.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	4. GOODWILL AND INTANGIBLE ASSETS Intangible Assets, Net The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets: Weighted Average Amortization Period as of September 30, 2022 In Years As of September 30, As of December 31, 2022 2021 Management contracts 5.2 $ 586,077 $ 641,737 Client relationships 9.9 262,301 229,501 Trade name 7.8 11,079 11,079 Other 2.1 500 500 Finite-lived intangible assets 859,957 882,817 Foreign currency translation (2,972) 1,792 Total finite-lived intangible assets 856,985 884,609 Less: accumulated amortization (186,677) (115,791) Finite-lived intangible assets, net 670,308 768,818 Management contracts 567,800 567,800 Trade name — 86,200 Indefinite-lived intangible assets 567,800 654,000 Intangible assets, net $ 1,238,108 $ 1,422,818 In connection with the Infrastructure Debt Acquisition, the Company allocated $68.7 million and $32.8 million of the purchase price to the fair value of the acquired management contracts and client relationships, respectively. The acquired management contracts and client relationships had a weighted average amortization period from the date of acquisition of 5.2 years and 8.4 years, respectively. During the three months ended September 30, 2022, the Company decided to rebrand its secondaries group as Ares Secondaries and to discontinue the ongoing use of the Landmark trade name. As a result, the Company recorded an impairment charge equal to the Landmark trade name’s carrying value of $86.2 million. Separately, in connection with lower than expected fundraising for an acquired Landmark private equity secondaries fund, the Company recorded a non-cash impairment charge of $88.4 million to the fair value of a management contract during the three months ended September 30, 2022. The primary indicator of impairment was lower fee paying assets under management from the acquired Landmark private equity secondaries fund. Also connected to the lower fundraising projections associated with the acquired Landmark private equity secondaries fund, the Company reversed all previously recorded expenses associated with the Landmark management incentive plan. See “Note 9. Commitments and Contingencies” for further discussion. In addition, the Company recorded non-cash impairment charges of $3.7 million, $3.1 million, and $0.2 million to the fair value of management contracts acquired in connection with the Landmark Acquisition, the Black Creek Acquisition and the SSG Acquisition, respectively. The primary indicator of impairment was the shorter expected lives of certain funds as a result of returning capital to fund investors sooner than initially planned. The impairment charges for the intangible assets acquired in connection with the Landmark Acquisition, the Black Creek Acquisition and the SSG Acquisition are included within the Secondaries Group, the Real Assets Group and Strategic Initiatives, respectively. The Company expects lower future cash flows to be generated by these management contracts over the remaining useful lives of the funds. The Company determined that the carrying value of the intangible assets exceeded the expected undiscounted future cash flows and recorded impairment charges equal to the difference between its carrying value of each asset and the asset’s estimated fair value, which was calculated using a discounted cash flow methodology. The non-cash impairment charges represents an acceleration of amortization expense and totaled $181.6 million for the three and nine months ended September 30, 2022. Amortization expense associated with intangible assets, excluding the accelerated amortization from the non-cash impairment charges described above, was $32.7 million and $32.8 million for the three months ended September 30, 2022 and 2021, respectively, and $101.5 million and $60.7 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense is presented within general, administrative and other expenses in the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2022, the Company removed $210.6 million of impaired and fully amortized intangible assets. Goodwill The following table summarizes the carrying value of the Company’s goodwill: Credit Group Private Real Secondaries Group Strategic Initiatives Total Balance as of December 31, 2021 $ 32,196 $ 58,600 $ 53,339 $ 417,738 $ 226,099 $ 787,972 Acquisitions — — 213,424 (96) — 213,328 Reallocation — (10,530) 10,530 — — — Foreign currency translation — — — (35) (4,525) (4,560) Balance as of September 30, 2022 $ 32,196 $ 48,070 $ 277,293 $ 417,607 $ 221,574 $ 996,740 In connection with the Infrastructure Debt Acquisition, the Company allocated $213.4 million of the purchase price to goodwill. In connection with the establishment of the Real Assets Group described in “Note 15. Segment Reporting,” the Company had an associated change in its reporting units and reallocated goodwill of $10.5 million from the Private Equity Group to the Real Assets Group using a relative fair value allocation approach. The former Real Estate Group has been transferred in its entirety to the Real Assets Group and the total goodwill of $53.3 million has been reallocated from the former Real Estate Group to the Real Assets Group accordingly. There was no impairment of goodwill recorded during the nine months ended September 30, 2022 and 2021. The impact of foreign currency translation is reflected within other comprehensive income (loss).

INVESTMENTS

INVESTMENTS	9 Months Ended
INVESTMENTS	Sep. 30, 2022
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	5. INVESTMENTS The Company’s investments are comprised of the following: Percentage of total investments September 30, December 31, September 30, December 31, 2022 2021 2022 2021 Equity method investments: Equity method - carried interest $ 3,290,381 $ 2,998,421 80.0 % 81.4 % Equity method private investment partnership interests - principal 526,110 473,887 12.8 12.9 Equity method private investment partnership interests and other (held at fair value) 125,499 117,539 3.0 3.2 Equity method private investment partnership interests and other 47,564 40,580 1.2 1.1 Total equity method investments 3,989,554 3,630,427 97.0 98.6 Collateralized loan obligations 24,243 30,815 0.6 0.8 Other fixed income 21,582 21,582 0.4 0.5 Collateralized loan obligations and other fixed income, at fair value 45,825 52,397 1.0 1.3 Common stock, at fair value 77,014 1,440 2.0 0.1 Total investments $ 4,112,393 $ 3,684,264 Equity Method Investments The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the three and nine months ended September 30, 2022 and 2021, no individual equity method investment held by the Company met the significance criteria. The Company recognized net gains related to its equity method investments of $16.2 million and $18.9 million for the three months ended September 30, 2022 and 2021, respectively, and net gains of $25.1 million and $99.3 million for the nine months ended September 30, 2022 and 2021, respectively. The net gains were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income in the Condensed Consolidated Statements of Operations. With respect to the Company's equity method investments, the material assets are expected to generate either long-term capital appreciation and/or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets. Investments of the Consolidated Funds Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of September 30, December 31, September 30, December 31, 2022 2021 2022 2021 Fixed income investments: Bonds $ 751,385 $ 857,125 6.0 % 6.7% Loans 8,986,386 9,910,689 71.4 77.3 U.S. Treasury securities 1,005,094 1,000,285 8.0 7.8 Total fixed income investments 10,742,865 11,768,099 85.4 91.8 Equity securities 698,236 340,272 5.6 2.7 Partnership interests 1,133,184 708,307 9.0 5.5 Total investments, at fair value $ 12,574,285 $ 12,816,678 As of September 30, 2022 and December 31, 2021 , no

FAIR VALUE

FAIR VALUE	9 Months Ended
FAIR VALUE	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE	6. FAIR VALUE Fair Value Measurements GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I —Quoted prices in active markets for identical instruments. • Level II —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. • Level III —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. Fair Value of Financial Instruments Held by the Company and Consolidated Funds The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of September 30, 2022: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 45,825 $ — $ 45,825 Common stock and other equity securities — 77,014 117,272 — 194,286 Partnership interests — — 2,575 5,652 8,227 Total investments, at fair value — 77,014 165,672 5,652 248,338 Derivatives-foreign currency forward contracts — 9,247 — — 9,247 Total assets, at fair value $ — $ 86,261 $ 165,672 $ 5,652 $ 257,585 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (6,581) $ — $ — $ (6,581) Contingent consideration — — (11,000) — (11,000) Total liabilities, at fair value $ — $ (6,581) $ (11,000) $ — $ (17,581) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 495,501 $ 255,884 $ — $ 751,385 Loans — 8,321,661 664,725 — 8,986,386 U.S. Treasury securities 1,005,094 — — — 1,005,094 Total fixed income investments 1,005,094 8,817,162 920,609 — 10,742,865 Equity securities 646 — 526,051 171,539 698,236 Partnership interests — — 252,634 880,550 1,133,184 Total investments, at fair value 1,005,740 8,817,162 1,699,294 1,052,089 12,574,285 Derivatives: Derivatives-foreign exchange contracts — 536 — — 536 Total derivative assets, at fair value — 536 — — 536 Total assets, at fair value $ 1,005,740 $ 8,817,698 $ 1,699,294 $ 1,052,089 $ 12,574,821 Liabilities, at fair value Derivatives: Warrants $ (2,000) $ — $ — $ — $ (2,000) Forward foreign currency contracts — (496) — — (496) Asset swaps — — (3,353) — (3,353) Total derivative liabilities, at fair value (2,000) (496) (3,353) — (5,849) Loan obligations of CLOs — (10,313,881) — — (10,313,881) Total liabilities, at fair value $ (2,000) $ (10,314,377) $ (3,353) $ — $ (10,319,730) The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2021: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 52,397 $ — $ 52,397 Common stock and other equity securities — 1,440 108,949 — 110,389 Partnership interests — — 2,575 6,016 8,591 Total investments, at fair value — 1,440 163,921 6,016 171,377 Derivatives-foreign currency forward contracts — 5,682 — — 5,682 Total assets, at fair value $ — $ 7,122 $ 163,921 $ 6,016 $ 177,059 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (328) $ — $ — $ (328) Contingent consideration — — (57,435) — (57,435) Total liabilities, at fair value $ — $ (328) $ (57,435) $ — $ (57,763) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 525,393 $ 331,732 $ — $ 857,125 Loans — 9,499,469 411,220 — 9,910,689 U. S. Treasury Securities 1,000,285 — — — 1,000,285 Total fixed income investments 1,000,285 10,024,862 742,952 — 11,768,099 Equity securities 956 133 339,183 — 340,272 Partnership interests — — 238,673 469,634 708,307 Total assets, at fair value $ 1,001,241 $ 10,024,995 $ 1,320,808 $ 469,634 $ 12,816,678 Liabilities, at fair value Derivatives: Derivatives-foreign exchange contracts $ (17,822) $ — $ — $ — $ (17,822) Asset swaps — — (3,105) — (3,105) Total derivative liabilities, at fair value (17,822) — (3,105) — (20,927) Loan obligations of CLOs — (10,657,661) — — (10,657,661) Total liabilities, at fair value $ (17,822) $ (10,657,661) $ (3,105) $ — $ (10,678,588) The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2022: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 113,881 $ 46,356 $ 2,575 $ (10,748) $ 152,064 Purchases (1) 894 — — — 894 Change in fair value — — — (252) (252) Sales/settlements (2) (1,179) (505) — — (1,684) Realized and unrealized appreciation(depreciation), net 3,676 (26) — — 3,650 Balance, end of period $ 117,272 $ 45,825 $ 2,575 $ (11,000) $ 154,672 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 7,111 $ (26) $ — $ (252) $ 6,833 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 480,914 $ 1,076,254 $ 250,123 $ (3,035) $ 1,804,256 Transfer in — 171,687 — — 171,687 Transfer out — (350,079) — — (350,079) Purchases (1) 49,024 173,253 31,258 — 253,535 Sales/settlements (2) (64) (132,226) (22,328) — (154,618) Amortized discounts/premiums — 521 — — 521 Realized and unrealized appreciation(depreciation), net (3,823) (18,801) (6,419) (318) (29,361) Balance, end of period $ 526,051 $ 920,609 $ 252,634 $ (3,353) $ 1,695,941 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (3,836) $ (9,067) $ 5,421 $ (447) $ (7,929) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2021: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 107,240 $ 55,840 $ 2,575 $ — $ 165,655 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) — 708 — — 708 Sales/settlements (2) — (2,904) — — (2,904) Realized and unrealized appreciation (depreciation), net 1,157 663 — (7,213) (5,393) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 1,157 $ 675 $ — $ (7,213) $ (5,381) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 229,300 $ 455,426 $ 255,278 $ (1,658) $ 938,346 Transfer in — 18,792 — — 18,792 Transfer out — (209,282) — — (209,282) Purchases (1) 27,346 219,180 — — 246,526 Sales/settlements (2) (313) (88,584) (30,000) 625 (118,272) Amortized discounts/premiums — 394 — — 394 Realized and unrealized appreciation (depreciation), net 2,913 6,750 12,280 (155) 21,788 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,912 $ 1,607 $ 12,280 $ (63) $ 16,736 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2022: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Transfer in due to changes in consolidation 1,491 — — — 1,491 Purchases (1) 894 — — — 894 Sales/settlements (2) (2,326) (2,383) — 47,873 43,164 Change in fair value — — — (1,438) (1,438) Realized and unrealized appreciation (depreciation), net 8,264 (4,189) — — 4,075 Balance, end of period $ 117,272 $ 45,825 $ 2,575 $ (11,000) $ 154,672 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 10,330 $ (4,189) $ — $ (1,438) $ 4,703 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 321,939 — — 321,939 Transfer out — (213,658) — — (213,658) Purchases (1) 166,667 551,408 58,258 — 776,333 Sales/settlements (2) (28,444) (405,904) (52,828) — (487,176) Amortized discounts/premiums — 1,274 — — 1,274 Realized and unrealized appreciation (depreciation), net 48,645 (77,402) 8,531 (248) (20,474) Balance, end of period $ 526,051 $ 920,609 $ 252,634 $ (3,353) $ 1,695,941 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 22,304 $ (69,982) $ 344 $ (643) $ (47,977) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2021: Level III Assets of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 88,412 $ 53,349 $ 2,575 $ — $ 144,336 Transfer in due to changes in consolidation — 7,623 — — 7,623 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) 19,278 1,689 — — 20,967 Sales/settlements (2) — (12,120) — — (12,120) Realized and unrealized appreciation (depreciation), net 707 3,766 — (7,213) (2,740) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 707 $ 2,315 $ — $ (7,213) $ (4,191) Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 221,043 $ 542,305 $ 231,857 $ 1,060 $ 996,265 Transfer out due to changes in consolidation (157) (49,326) — — (49,483) Transfer in 2,195 47,818 — — 50,013 Transfer out (33) (216,177) — — (216,210) Purchases (1) 36,201 437,426 13,000 — 486,627 Sales/settlements (2) (876) (371,006) (32,000) 301 (403,581) Amortized discounts/premiums 1 1,464 — — 1,465 Realized and unrealized appreciation (depreciation), net 872 10,172 24,701 (2,549) 33,196 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 790 $ 2,700 $ 24,701 $ (1,670) $ 26,521 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of September 30, 2022: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 15,504 Transaction price (1) N/A N/A N/A 56,154 Discounted cash flow Discount rate 16.0% 16.0% 45,614 Market approach Multiple of book value 1.4x 1.4x Partnership interests 2,575 Other N/A N/A N/A Collateralized loan obligations 24,243 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 21,582 Other N/A N/A N/A Total assets $ 165,672 Liabilities Contingent consideration $ (11,000) Other N/A N/A N/A Total liabilities $ (11,000) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 2,168 Market approach EBITDA multiples (2) 9.3x - 55.9x 12.8x 216,820 Market approach Multiple of book values 1.0x - 27.5x 5.5x 199,536 Discounted cash flow Discount rate 20.0% 20.0% 551 Other N/A N/A N/A 19 Yield analysis Yields 12.5% - 15.2% 12.9% 74 Broker quotes and/or 3rd party pricing services N/A N/A N/A 106,883 Transaction price (1) N/A N/A N/A Partnership interest 252,634 Discounted cash flow Discount rate 23.4% 23.4% Fixed income securities 799,759 Broker quotes and/or 3rd party pricing services N/A N/A N/A 107,133 Yield analysis Yields 5.6% - 23.0% 10.8% 12,394 Transaction price N/A N/A N/A 1,323 Other N/A N/A N/A Total assets $ 1,699,294 Liabilities Derivative instruments $ (3,353) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (3,353) (1) Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2021: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 14,610 Transaction price (1) N/A N/A N/A 50,690 Discounted cash flow Discount rates 14.0% - 20.0% 14.3% 43,649 Market approach Multiple of book value 1.4x 1.4x Partnership interests 2,575 Other N/A N/A N/A Collateralized loan obligations 30,815 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 21,582 Other N/A N/A N/A Total assets $ 163,921 Liabilities Contingent Consideration $ (9,562) Monte Carlo simulation Discount rate 8.5% 8.5% Volatility 18% 18% (47,873) Other N/A N/A N/A Total liabilities $ (57,435) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 1,261 Market approach EBITDA multiples (2) 1.0x - 64.4x 17.5x 140,185 Market approach Multiple of book values 1.0x- 1.2x 1.1x 123,685 Discounted cash flow Discount rate 20.0% 20.0% 11 Broker quotes and/or 3rd party pricing services N/A N/A N/A 74,041 Transaction price (1) N/A N/A N/A Partnership interests 238,673 Discounted cash flow Discount rate 23.4% 23.4% Fixed income securities 614,754 Broker quotes and/or 3rd party pricing services N/A N/A N/A 128,198 Income approach Yields 3.5% - 16.2% 6.7% Total assets $ 1,320,808 Liabilities Derivative instruments $ (3,105) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (3,105) (1) Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The Company has an insurance-related investment in a private fund managed by a third party that is valued using NAV per share. The terms and conditions of this fund do not allow for redemptions without certain events or approvals that are outside the Company's control. This investment had a fair value of $5.7 million and $6.0 million as of September 30, 2022 and December 31, 2021, respectively. The Company has no unfunded commitments for this investment. The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using NAV per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company's control. As of September 30, 2022, these investments had a fair value of $1,052.1 million and unfunded commitments of $811.3 million. As of December 31, 2021, these investments had a fair value of $469.6 million and unfunded commitments of $1,200.0 million.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	7. DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against interest rate and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management. The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds: As of September 30, 2022 As of December 31, 2021 Assets Liabilities Assets Liabilities The Company Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Foreign currency forward contracts $ 80,239 $ 9,247 $ 175,453 $ 6,581 $ 409,018 $ 5,682 $ 11,011 $ 328 Total derivatives, at fair value (2) $ 80,239 $ 9,247 $ 175,453 $ 6,581 $ 409,018 $ 5,682 $ 11,011 $ 328 As of September 30, 2022 As of December 31, 2021 Assets Liabilities Assets Liabilities Consolidated Funds Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Foreign currency forward contracts $ 536 $ 536 $ 496 $ 496 $ — $ — $ — $ — Warrants — — 230,000 2,000 — — 230,000 17,822 Asset swaps 55,963 — 49,475 3,353 56,000 — 49,516 3,105 Total derivatives, at fair value (3) $ 56,499 $ 536 $ 279,971 $ 5,849 $ 56,000 $ — $ 279,516 $ 20,927 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of September 30, 2022 and December 31, 2021, the Company had the right to, but elected not to, offset $6.6 million and $0.3 million of its derivative liabilities. (3) As of September 30, 2022 and December 31, 2021, the Consolidated Funds offset an immaterial amount of their derivative assets and liabilities.

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	8. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of September 30, 2022 As of December 31, 2021 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility (1) Revolving 3/31/2027 N/A $ 445,000 3.87% $ 415,000 1.25% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 248,511 4.21 247,979 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,490 3.28 396,156 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 483,750 3.77 — — 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,711 4.13 444,574 4.13 Total debt obligations $ 2,018,462 $ 1,503,709 (1) On March 31, 2022, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.090 billion to $1.275 billion with an accordion feature of $375.0 million, replace the LIBOR based-rate with a Secured Overnight Financing Rate (“SOFR”) based-rate plus an applicable credit spread adjustment and extend the maturity date from March 2026 to March 2027. On July 6, 2022, the Company increased the revolver commitments from $1.275 billion to $1.325 billion via the accordion. The AOG entities are borrowers under the Credit Facility. The Credit Facility has a variable interest rate based on SOFR or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of September 30, 2022, base rate loans bear interest calculated based on the base rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. (2) The 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes. (3) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes. (4) The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Notes. (5) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed-rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five As of September 30, 2022, the Company and its subsidiaries were in compliance with all covenants under the debt obligations. The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the 2024, 2030 and 2052 Senior Notes (the “Senior Notes”) and 2051 Subordinated Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included in other assets in the Condensed Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense in the Condensed Consolidated Statements of Operations. The following table presents the activity of the Company's debt issuance costs: Credit Facility Senior Subordinated Notes Unamortized debt issuance costs as of December 31, 2021 $ 5,274 $ 3,689 $ 5,426 Debt issuance costs incurred 1,517 5,436 — Amortization of debt issuance costs (957) (582) (137) Unamortized debt issuance costs as of September 30, 2022 $ 5,834 $ 8,543 $ 5,289 Loan Obligations of the Consolidated CLOs Loan obligations of the Consolidated Funds that are CLOs (“Consolidated CLOs”) represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs. The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of September 30, 2022 As of December 31, 2021 Fair Value of Weighted Weighted Fair Value of Loan Obligations Weighted Weighted Senior secured notes $ 9,664,638 3.41% 8.8 $ 10,016,638 1.93% 9.4 Subordinated notes (1) 649,243 N/A 7.0 641,023 N/A 8.1 Total loan obligations of Consolidated CLOs $ 10,313,881 $ 10,657,661 (1) The notes do not have contractual interest rates; instead, holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO. Loan obligations of the Consolidated CLOs are collateralized by the assets held by the Consolidated CLOs, consisting of cash and cash equivalents, corporate loans, corporate bonds and other securities. The assets of one Consolidated CLO may not be used to satisfy the liabilities of another Consolidated CLO. Loan obligations of the Consolidated CLOs include floating rate notes, deferrable floating rate notes, revolving lines of credit and subordinated notes. Amounts borrowed under the notes are repaid based on available cash flows subject to priority of payments under each Consolidated CLO’s governing documents. Based on the terms of these facilities, the creditors of the facilities have no recourse to the Company. Credit Facilities of the Consolidated Funds Certain Consolidated Funds maintain credit facilities to fund investments between capital drawdowns. These facilities generally are collateralized by the unfunded capital commitments of the Consolidated Funds’ limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments and portfolio asset dispositions. The creditors of these facilities have no recourse to the Company and only have recourse to a subsidiary of the Company to the extent the debt is guaranteed by such subsidiary. As of September 30, 2022 and December 31, 2021, the Consolidated Funds were in compliance with all covenants under such credit facilities. The Consolidated Funds had the following revolving bank credit facilities outstanding: As of September 30, 2022 As of December 31, 2021 Consolidated Funds' Debt Facilities Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate 10/13/2022 $ 112,817 $ 77,496 4.04% $ 71,500 1.59% 7/1/2023 18,000 15,550 4.69 16,271 1.73 7/23/2024 75,000 56,500 5.97 40,000 3.09 9/24/2026 150,000 — N/A — N/A 9/12/2027 54,000 — N/A — N/A Total borrowings of Consolidated Funds $ 149,546 $ 127,771 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded in the Condensed Consolidated Statements of Financial Condition. As of September 30, 2022, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Commitments As of September 30, 2022 and December 31, 2021, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $605.7 million and $677.3 million, respectively. Guarantees The Company has entered into agreements with financial institutions to guarantee credit facilities held by certain funds. In the ordinary course of business, the guarantee of credit facilities held by funds may indicate control and result in consolidation of the fund. As of September 30, 2022 and December 31, 2021, the Company’s maximum exposure to losses from guarantees was $76.7 million and $209.7 million, respectively. Contingent Liabilities In connection with the Landmark Acquisition, the Company established a management incentive program (the “Landmark MIP”) with certain professionals of Landmark. The Landmark MIP represents a contingent liability not to exceed $300.0 million and is based on the achievement of revenue targets from the fundraising of certain Landmark funds during a measurement period. The Landmark MIP has been remeasured each period with incremental changes in fair value included within compensation and benefits expense in the Condensed Consolidated Statements of Operations. In connection with current fundraising expectations for an acquired Landmark private equity secondaries fund, the revenue targets on which the Landmark MIP is contingent are not expected to be achieved so the Company reversed all previously recorded expenses of $36.7 million associated with the Landmark MIP during the three months ended September 30, 2022. The reversal of expense was recorded within compensation and benefits expense in the Condensed Consolidated Statements of Operations. The purchase agreement with Black Creek contains provisions obligating the Company to make payments in an aggregate amount not to exceed $275.0 million to certain senior professionals and advisors upon the achievement of certain revenue targets through a measurement period no later than December 31, 2024. The revenue targets were achieved and the maximum contingent payment was recorded during the three months ended September 30, 2022. Of the total contingent liability, 96% required continued service through the measurement period and is accounted for as compensation expense instead of as a component of purchase consideration. The fair value of this contingent liability was remeasured at each reporting date with compensation expense recorded ratably over the service period, which was the Black Creek Acquisition date through the achievement date. As of September 30, 2022 and December 31, 2021, the fair value of the contingent liability was $264.0 million and $229.5 million, respectively. As of September 30, 2022 and December 31, 2021, the Company has recorded $264.0 million and $45.9 million, respectively, within accrued compensation in the Condensed Consolidated Statements of Financial Condition. Compensation expense of $130.6 million and $218.1 million for the three and nine months ended September 30, 2022, respectively, and $13.5 million for the three and nine months ended September 30, 2021 is presented within compensation and benefits in the Condensed Consolidated Statements of Operations. The remaining 4% portion of the contingent liability did not require continued service through the measurement period and is accounted for as contingent consideration that is a component of purchase consideration. The fair value of this contingent liability was remeasured at each reporting date with changes in fair value recorded within other expense over the service period. As of September 30, 2022 and December 31, 2021, the fair value of the contingent liability was $11.0 million and $9.6 million, respectively. Other expense of $0.3 million and $1.4 million for the three and nine months ended September 30, 2022, respectively, and of $3.0 million for each of the three and nine months ended September 30, 2021, is presented within other income (expense), net in the Condensed Consolidated Statements of Operations. In connection with the Infrastructure Debt Acquisition, the Company established a management incentive program (the “Infrastructure Debt MIP”) with certain professionals. The Infrastructure Debt MIP represents a contingent liability not to exceed $48.5 million and is based on the achievement of revenue targets from the fundraising of certain infrastructure debt funds during the measurement periods. The Company expects to settle each portion of the liability with a combination of 15% cash and 85% equity awards. Expense associated with the cash components are recognized ratably over the respective measurement periods, which will end on the final fundraising date for each of the infrastructure debt funds included in the Infrastructure Debt MIP agreement. Expense associated with the equity component is recognized ratably over the service periods, which will continue for four years beyond each of the measurement period end dates. The Infrastructure Debt MIP is remeasured each period with incremental changes in fair value included within compensation and benefits expense in the Condensed Consolidated Statements of Operations. At each of the measurement period end dates, the cash component will be paid and restricted units for the portion of the Infrastructure Debt MIP award earned will be granted at fair value. The unpaid liability at the respective measurement period end dates will be reclassified from liability to additional paid-in-capital and any difference between the fair value of the Infrastructure Debt MIP award earned at the respective measurement period end date and the previously recorded compensation expense will be recognized over the remaining four Carried Interest Carried interest is affected by changes in the fair values of the underlying investments in the funds that are advised by the Company. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and increasingly at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the general partner receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company will be obligated to repay carried interest that was received by the Company in excess of the amounts to which the Company is entitled. This contingent obligation is normally reduced by income taxes paid by the Company related to its carried interest. Senior professionals of the Company who have received carried interest distributions are responsible for funding their proportionate share of any contingent repayment obligations. However, the governing agreements of certain of the Company's funds provide that if a current or former professional does not fund his or her respective share for such fund, then the Company may have to fund additional amounts beyond what was received in carried interest, although the Company will generally retain the right to pursue any remedies under such governing agreements against those carried interest recipients who fail to fund their obligations. Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has recognized more carried interest than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund. At September 30, 2022 and December 31, 2021, if the Company assumed all existing investments were worthless, the amount of carried interest subject to potential repayment, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $185.3 million and $194.6 million, respectively, of which approximately $145.0 million and $153.3 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such carried interest. Management believes the possibility of all of the investments becoming worthless is remote. As of September 30, 2022 and December 31, 2021, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability. Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows. Leases The Company leases office space and certain office equipment. The Company's leases have remaining lease terms of one As of September 30, As of December 31, Classification 2022 2021 Operating lease assets Right-of-use operating lease assets $ 159,686 $ 167,652 Finance lease assets Other assets (1) 543 1,011 Total lease assets $ 160,229 $ 168,663 Operating lease liabilities Operating lease liabilities $ 193,180 $ 205,075 Finance lease obligations Accounts payable, accrued expenses and other liabilities 393 936 Total lease liabilities $ 193,573 $ 206,011 (1) Finance lease assets are recorded net of accumulated amortization of $2.0 million and $1.6 million as of September 30, 2022 and December 31, 2021, respectively. Maturity of lease liabilities Operating Leases Finance Leases 2022 $ 10,732 $ 68 2023 40,866 166 2024 43,390 161 2025 41,842 10 2026 29,819 — After 2026 39,882 — Total future payments 206,531 405 Less: interest 13,351 12 Total lease liabilities $ 193,180 $ 393 Three months ended September 30, Nine months ended September 30, Classification 2022 2021 2022 2021 Operating lease expense General, administrative and other expenses $ 11,168 $ 9,697 $ 31,302 $ 27,203 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 144 154 488 408 Interest on finance lease liabilities Interest expense 3 7 12 24 Total lease expense $ 11,315 $ 9,858 $ 31,802 $ 27,635 Nine months ended September 30, Other information 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 33,156 $ 26,704 Operating cash flows for finance leases 19 34 Financing cash flows for finance leases 525 463 Leased assets obtained in exchange for new finance lease liabilities 13 189 Leased assets obtained in exchange for new operating lease liabilities 20,687 55,461 As of September 30, As of December 31, Lease term and discount rate 2022 2021 Weighted-average remaining lease terms (in years): Operating leases 5.4 6.0 Finance leases 2.2 1.8 Weighted-average discount rate: Operating leases 2.77 % 1.81 % Finance leases 2.88 % 2.94 %

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS Substantially all of the Company’s revenue is earned from its affiliates. The related accounts receivable are included within due from affiliates in the Condensed Consolidated Statements of Financial Condition, except that accrued carried interest allocations, which is predominantly due from affiliated funds, is presented separately within investments in the Condensed Consolidated Statements of Financial Condition. The Company has investment management agreements with the Ares Funds that it manages. In accordance with these agreements, these Ares Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Ares Funds. The Company has also entered into agreements to be reimbursed for its expenses incurred in providing administrative services to certain related parties, including our public vehicles, and with certain private funds that pay administrative fees based on invested capital. The Company is also party to agreements with certain real estate funds which pay fees to the Company to provide various services, such as administration, acquisition, development, property management and the distribution of fund shares in our non-traded REITs, among others. Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management fees, carried interest or incentive fees. The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of September 30, As of December 31, 2022 2021 Due from affiliates: Management fees receivable from non-consolidated funds $ 439,961 $ 372,249 Incentive fee receivable from non-consolidated funds 8,134 211,243 Payments made on behalf of and amounts due from non-consolidated funds and employees 113,408 86,891 Due from affiliates—Company $ 561,503 $ 670,383 Amounts due from non-consolidated funds $ 7,736 $ 7,234 Due from affiliates—Consolidated Funds $ 7,736 $ 7,234 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 5,744 $ 10,160 Tax receivable agreement liability 98,975 100,542 Undistributed carried interest and incentive fees 12,724 66,494 Payments made by non-consolidated funds on behalf of and payable by the Company 4,864 21,357 Due to affiliates—Company $ 122,307 $ 198,553 Due from Ares Funds and Portfolio Companies In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME TAXES The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements. For the three and nine months ended September 30, 2022, the Company recorded income tax benefit and income tax expense of $11.6 million and $22.3 million, respectively. For the three and nine months ended September 30, 2021, the Company recorded income tax expense of $30.3 million and $104.5 million, respectively. The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment entities that are consolidated in the Company's condensed consolidated financial statements. For the three and nine months ended September 30, 2022 and 2021, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate. The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of September 30, 2022 and December 31, 2021, the Company recorded a net deferred tax asset of $63.2 million and $39.4 million, respectively, within other assets in the Condensed Consolidated Statements of Financial Condition. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years prior to 2018. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s condensed consolidated financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE For the nine months ended September 30, 2022, the Company had Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes. Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock method. For the three and nine months ended September 30, 2022, the two-class method was the more dilutive method. For the three and nine months ended September 30, 2021, the treasury stock method was the more dilutive method. The computation of diluted earnings per share excludes the following AOG Units as their effect would have been anti-dilutive: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Restricted units — 450 — 167 AOG Units — 119,855,724 — 115,394,058 The following table presents the computation of basic and diluted earnings per common share: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Basic earnings per share of Class A and non-voting common stock: Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders $ (35,546) $ 84,726 $ 50,048 $ 262,659 Distributions on unvested restricted units (3,555) (1,440) (10,601) (8,142) Undistributed earnings allocable to participating unvested restricted units — (306) — (2,858) Net income (loss) available to Class A and non-voting common stockholders $ (39,101) $ 82,980 $ 39,447 $ 251,659 Basic weighted-average shares of Class A and non-voting common stock 175,631,144 168,931,621 175,010,241 161,071,151 Basic earnings (loss) per share of Class A and non-voting common stock $ (0.22) $ 0.49 $ 0.23 $ 1.55 Diluted earnings per share of Class A and non-voting common stock: Net income (loss) available to Class A and non-voting common stockholders $ (35,546) $ 84,726 $ 50,048 $ 262,659 Distributions on unvested restricted units (3,555) — (10,601) — Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders $ (39,101) $ 84,726 $ 39,447 $ 262,659 Effect of dilutive shares: Restricted units — 12,273,068 — 10,807,242 Options — 5,317,468 — 5,265,045 Diluted weighted-average shares of Class A and non-voting common stock 175,631,144 186,522,157 175,010,241 177,143,438 Diluted earnings (loss) per share of Class A and non-voting common stock $ (0.22) $ 0.45 $ 0.23 $ 1.48 Dividend declared and paid per Class A and non-voting common stock $ 0.61 $ 0.47 $ 1.83 $ 1.41

EQUITY COMPENSATION

EQUITY COMPENSATION	9 Months Ended
EQUITY COMPENSATION	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	13. EQUITY COMPENSATION Equity Incentive Plan Equity-based compensation is granted under the Company's 2014 Equity Incentive Plan (as amended, the “Equity Incentive Plan”). The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2022, the total number of shares available for issuance under the Equity Incentive Plan reset to 49,293,000 shares and as of September 30, 2022, 44,524,646 shares remained available for issuance. Generally, unvested restricted units are forfeited upon termination of employment in accordance with the Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period the forfeiture occurs. Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Restricted units $ 48,117 $ 36,390 $ 151,403 $ 127,219 Restricted units with a market condition — 29,601 — 63,925 Equity-based compensation expense $ 48,117 $ 65,991 $ 151,403 $ 191,144 Restricted Units Each restricted unit represents an unfunded, unsecured right of the holder to receive a share of the Company's Class A common stock on a specific date. The restricted units generally vest and are settled in shares of Class A common stock either (i) at a rate of one-third per year, beginning on the third anniversary of the grant date, (ii) at a rate of one quarter per year, beginning on the second anniversary of the grant date or the holder's employment commencement date, or (iii) at a rate of one-third per year, beginning on the first anniversary of the grant date in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment or retirement eligibility provisions). Compensation expense associated with restricted units is recognized on a straight-line basis over the requisite service period of the award. Restricted units are delivered net of the holder's payroll related taxes upon vesting. For the nine months ended September 30, 2022, 5.4 million restricted units vested and 3.0 million shares of Class A common stock were delivered to the holders. For the nine months ended September 30, 2021, 8.2 million restricted units vested and 4.4 million shares of Class A common stock were delivered to the holders. The holders of restricted units, other than awards that have not yet been issued as described in the subsequent sections, generally have the right to receive as current compensation an amount in cash equal to (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”). During the nine months ended September 30, 2022, the Company declared dividends of $0.61 per share to Class A common stockholders at the close of business on March 17, 2022, June 16, 2022 and September 16, 2022. For the three and nine months ended September 30, 2022, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $7.9 million and $23.9 million, respectively, which are presented as dividends in the Condensed Consolidated Statements of Changes in Equity. When units are forfeited, the cumulative amount of Dividend Equivalents previously paid is reclassified to compensation and benefits expense in the Condensed Consolidated Statements of Operations. During the first quarter of 2022, the Company approved the future grant of restricted units to certain senior executives in each of 2023, 2024 and 2025, subject to the holder’s continued employment and acceleration in certain instances. The vesting period of these awards are at a rate of 25% per year, beginning on the second anniversary of the grant date. Given that these future restricted units have been communicated to the recipient, the Company accounts for these awards as if they have been granted and recognizes the compensation expense on a straight-line basis over the service period. The restricted units that have been approved and communicated but not yet granted are not eligible to receive a Dividend Equivalent until the grant date. The following table presents unvested restricted units' activity: Restricted Units Weighted Average Balance - January 1, 2022 18,323,036 $ 36.43 Granted 4,050,786 74.62 Vested (5,333,182) 26.89 Forfeited (222,432) 53.83 Balance - September 30, 2022 16,818,208 $ 48.43 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $589.5 million as of September 30, 2022 and is expected to be recognized over the remaining weighted average period of 3.6 years. Options Upon exercise, each option entitles the holders to purchase from the Company one share of Class A common stock at the stated exercise price. The term of the options is generally ten years, beginning on the grant date. A summary of options activity during the nine months ended September 30, 2022 is presented below: Options Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Balance - January 1, 2022 6,306,282 $ 19.00 2.3 $ 392,692 Granted — — — Exercised (784,782) 19.00 — — Expired — — — — Forfeited — — — — Balance - September 30, 2022 5,521,500 $ 19.00 1.6 $ 237,148 Exercisable at September 30, 2022 5,521,500 $ 19.00 1.6 $ 237,148

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST	9 Months Ended
EQUITY AND REDEEMABLE INTEREST	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
EQUITY AND REDEEMABLE INTEREST	14. EQUITY AND REDEEMABLE INTEREST Common Stock The Company's common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The non-voting common stock has the same economic rights as the Class A common stock. Sumitomo Mitsui Banking Corporation (“SMBC”) is the sole holder of the non-voting common stock. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC (“Ares Voting”) is the sole holder of the Class C common stock. In February 2022, the Company's board of directors authorized the renewal of the stock repurchase program that allows for the repurchase of up to $150 million of shares of Class A common stock. Under the program, shares may be repurchased from time to time in open market purchases, privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. The program is scheduled to expire in March 2023. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the nine months ended September 30, 2022 and 2021, the Company did not repurchase any shares as part of the stock repurchase program. The following table presents the changes in each class of common stock: Class A Common Stock Non-Voting Common Stock Class B Common Stock Class C Common Stock Total Balance - December 31, 2021 168,351,305 3,489,911 1,000 118,609,332 290,451,548 Exchanges of AOG Units 305,040 — — (305,040) — Redemptions of AOG Units — — — (25,000) (25,000) Stock option exercises, net of shares withheld for tax 772,228 — — — 772,228 Vesting of restricted stock awards, net of shares withheld for tax 2,973,864 — — — 2,973,864 Cancellation of AOG Units — — — (4,135) (4,135) Balance - September 30, 2022 172,402,437 3,489,911 1,000 118,275,157 294,168,505 The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities: Daily Average Ownership As of September 30, 2022 As of December 31, 2021 Three months ended September 30, Nine months ended September 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2022 2021 2022 2021 Ares Management Corporation 175,892,348 59.79 % 171,841,216 59.16 % 59.74 % 58.50 % 59.64 % 58.26 % Ares Owners Holdings, L.P. 118,275,157 40.21 118,609,332 40.84 40.26 41.50 40.36 41.74 Total 294,167,505 100.00 % 290,450,548 100.00 % Redeemable Interest The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities: Total Balance - December 31, 2021 $ 96,008 Changes in ownership interests and related tax benefits 231 Net income 399 Currency translation adjustment, net of tax (331) Equity compensation 48 Distributions (8) Balance - March 31, 2022 96,347 Changes in ownership interests and related tax benefits (1,445) Net loss (457) Currency translation adjustment, net of tax (996) Equity compensation 77 Distributions (8) Balance- June 30, 2022 93,518 Changes in ownership interests and related tax benefits 1,214 Net income 93 Currency translation adjustment, net of tax (933) Equity compensation 77 Distributions (1,861) Balance- September 30, 2022 $ 92,108 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance - December 31, 2021 $ 1,000,000 Change in redemption value — Balance - March 31, 2022 1,000,000 Change in redemption value — Balance - June 30, 2022 1,000,000 Change in redemption value 4,994 Balance - September 30, 2022 $ 1,004,994

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
SEGMENT REPORTING	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	15. SEGMENT REPORTING The Company operates through its distinct operating segments. On January 1, 2022, the Company changed its segment composition and established the Real Assets Group. The Real Assets Group consists of the activities of the former Real Estate Group and the infrastructure and power strategy, now referred to as infrastructure opportunities, that was formerly presented within the Private Equity Group. The Real Assets Group also includes infrastructure debt following the Infrastructure Debt Acquisition. The Company reclassified activities from the infrastructure opportunities strategy in the Private Equity Group and from the former Real Estate Group to the Real Assets Group to better align the segment presentation with how the asset classes within the investment strategies are managed. The Company has modified historical results to conform with its current presentation. During the three months ended September 30, 2022, the Company decided to rename the Secondary Solutions Group segment to the Secondaries Group. The segment name change did not result in any change to the composition of the Company’s segments and therefore did not result in any change to historical results. The Company operating segments are summarized below: Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including syndicated loans, high yield bonds, multi-asset credit, alternative credit investments and direct lending. The syndicated loans strategy focuses on evaluating individual credit opportunities related primarily to non-investment grade senior secured loans and primarily targets first lien secured debt, with a secondary focus on second lien secured loans and subordinated and other unsecured loans. The high yield bond strategy seeks to deliver a diversified portfolio of liquid, traded non-investment grade corporate bonds, including secured, unsecured and subordinated debt instruments. Multi-asset credit is a “go anywhere” strategy designed to offer investors a flexible solution to global credit investing by allowing us to tactically allocate between multiple asset classes in various market conditions. The alternative credit strategy seeks to capitalize on asset-focused investment opportunities that fall outside of traditional, well-defined markets such as corporate debt, real estate and private equity. The alternative credit strategy emphasizes downside protection and capital preservation through a focus on investments that tend to share the following key attributes: asset security, covenants, structural protections and cash flow velocity. The direct lending strategy is one of the largest self-originating direct lenders to the U.S. and European markets and has a multi-channel origination strategy designed to address a broad set of investment opportunities in the middle market. The direct lending team maintains a flexible investment strategy with the capability to invest in first lien senior secured loans (including “unitranche” loans which are loans that combine senior and subordinated debt, generally in a first lien position), second lien senior secured loans, subordinated debt, preferred equity and non-control equity co-investments in private middle market companies. U.S. direct lending activities are managed through a publicly traded business development company, ARCC, as well as through private commingled funds and separately managed accounts (“SMAs”). Private Equity Group: The Private Equity Group broadly categorizes its investment strategies as corporate private equity and special opportunities. In the corporate private equity strategy, the Company targets four principal transactions types: (i) prudently leveraged control buyouts; (ii) growth equity; (iii) rescue capital; and (iv) distressed-for-control. This differentiated strategy, together with the broad resources of the Ares platform, widens our universe of potential investment opportunities and allows us to remain active across various market environments and to be highly selective in making investments by identifying the most attractive relative value opportunities. The corporate private equity strategy also includes our energy opportunities fund which serves as a companion fund and employs our flexible capital strategy to provide creative capital solutions across the energy industry. In the special opportunities strategy, the Company employs an “all weather” flexible capital strategy to finance debt and non-control equity solutions in middle market companies undergoing transformational change or stress. The strategy seeks to consistently invest in a range of private, special-situation opportunities and flex into distressed public market debt when attractive. Real Assets Group : The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments. The real estate strategy focuses on activities categorized as core/core-plus, value-add, opportunistic and debt. Real estate equity strategies involve high-quality properties and locations and de-risked developments with an opportunity to create value through repositioning, lease-up, re-tenanting, redevelopment, and/or complex recapitalizations. The U.S. core/core-plus investment activities focuses on the acquisition of assets with strong long-term cash flow potential and durable tenancy diversified across end-user industries and geographies. The value-add investment activities focus on acquiring underperforming, income-producing, institutional-quality assets that can be improved through select value-creation initiatives across the U.S. and Europe. The opportunistic activities focus on capitalizing on distressed and special situations, repositioning underperforming assets and undertaking select development and redevelopment projects across the U.S. and Europe. The real estate debt strategy primarily focuses on directly originating a wide range of financing opportunities in the U.S. and Europe leveraging the Real Asset Group’s diverse sources of capital. In addition to managing private commingled funds and SMAs investing in equity and debt strategies, the real estate strategy also makes investments through Ares Real Estate Income Trust, Inc. (“AREIT”) and Ares Industrial Real Estate Income Trust, Inc. (“AIREIT”), its non-traded REITs, and ACRE, a publicly traded commercial mortgage REIT. The infrastructure strategy focuses on investment strategies broadly categorized as infrastructure opportunities and infrastructure debt. Infrastructure opportunities is a market leader in infrastructure and power investing with a focus on climate infrastructure, natural gas generation and energy transportation sectors. The infrastructure opportunities strategy targets essential infrastructure assets and companies with stable cash flow profiles through long-term contracts and high-barriers to entry. The infrastructure debt strategy was formed during the first quarter of 2022 in connection with the Infrastructure Debt Acquisition. The infrastructure debt strategy targets global assets and businesses with defensive characteristics across the digital, transport, energy and utility sectors. Leveraging the established long standing relationships, the strategy seeks to generate exclusive deal flow and high-quality investment opportunities. Secondaries Group : The Secondaries Group was formed during the second quarter of 2021 in connection with the Landmark Acquisition. The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate and infrastructure. The Company acquires interests across a range of partnership vehicles, including funds, multi-asset portfolios and single asset joint ventures. Activities within each strategy include recapitalizing and restructuring the funds, including transactions that can address pending fund maturity, strategy change or the need for additional equity capital. The private equity secondaries strategy targets opportunities in non-competitive channels and makes investments in durable, performing assets with attractive capital structures. In the real estate secondaries strategy, the Company seeks broad diversification by property sector and geography and to drive investment results through underwriting, transaction structuring and portfolio construction. In the infrastructure secondaries strategy, the Company focuses on achieving diversification through a portfolio that provides inflation protection and exposure to uncorrelated assets. Strategic Initiatives: Strategic Initiatives represents an all-other category that includes operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets. Strategic Initiatives includes activities from (i) Ares SSG, the Asia-Pacific platform that makes credit and special situations investments through its local originating presence on behalf of its institutional client base, (ii) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development and (iii) Ares Acquisition Corporation (NYSE: AAC) (“AAC”), the Company’s first sponsored SPAC, among others. The OMG consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance, human resources, strategy, relationship management and distribution. The OMG includes Ares Wealth Management Solutions, LLC (“AWMS”) that facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG provides services to certain of the Company’s managed funds and vehicles, which reimburse the OMG for expenses equal to the costs of services provided. The OMG’s revenues and expenses are not allocated to the Company’s reportable segments but the Company does consider the financial results of the OMG when evaluating its financial performance. Segment Profit Measures: These measures supplement and should be considered in addition to, and not in lieu of, the Condensed Consolidated Statements of Operations prepared in accordance with GAAP. Fee related earnings (“FRE”) is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes net performance income, investment income from the Consolidated Funds and non-consolidated funds and certain other items that the Company believes are not indicative of its core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and received on a recurring basis and not dependent on realization events from the underlying investments. Fee related performance revenues and fee related performance compensation were previously presented within realized net performance income. Historical periods have been modified to conform to the current period presentation. Realized income (“RI”) is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding (i) operating results of the Consolidated Funds, (ii) depreciation and amortization expense, (iii) the effects of changes arising from corporate actions, (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance and (v) certain other items that the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. RI is reduced by deferred placement fees, which represent the portion of placement fees that have been deferred and amortized over the expected life of each fund's life for segment purposes but have been expensed up front in accordance with GAAP. For periods in which the amortization of placement fees for segment purposes is higher than the GAAP expense, a placement fee adjustment is presented as a reduction to RI. Management believes RI is a more appropriate metric to evaluate the Company's current business operations. Management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non-consolidated funds. Total assets by segments is not disclosed because such information is not used by the Company’s chief operating decision maker in evaluating the segments. The following tables present the financial results for the Company’s operating segments, as well as the OMG: Three months ended September 30, 2022 Credit Group Private Equity Group Real Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 345,871 $ 52,316 $ 91,013 $ 44,385 $ 18,183 $ 551,768 $ — $ 551,768 Fee related performance revenues — — 855 235 — 1,090 — 1,090 Other fees 8,143 556 11,493 — 67 20,259 7,547 27,806 Compensation and benefits (102,839) (26,865) (46,947) (19,191) (7,859) (203,701) (61,084) (264,785) General, administrative and other expenses (18,257) (7,824) (10,032) (3,215) (1,486) (40,814) (41,907) (82,721) Fee related earnings 232,918 18,183 46,382 22,214 8,905 328,602 (95,444) 233,158 Performance income—realized 3,045 — 26,939 — — 29,984 — 29,984 Performance related compensation—realized (1,737) (5) (17,115) (1) — (18,858) — (18,858) Realized net performance income (loss) 1,308 (5) 9,824 (1) — 11,126 — 11,126 Investment income—realized 4,495 8 339 — — 4,842 — 4,842 Interest and other investment income (expense)—realized 8,893 201 2,180 424 1,096 12,794 (171) 12,623 Interest expense (3,904) (4,183) (3,095) (1,753) (5,244) (18,179) (128) (18,307) Realized net investment income (loss) 9,484 (3,974) (576) (1,329) (4,148) (543) (299) (842) Realized income $ 243,710 $ 14,204 $ 55,630 $ 20,884 $ 4,757 $ 339,185 $ (95,743) $ 243,442 Three months ended September 30, 2021 Credit Group Private Equity Group Real Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 271,591 $ 56,817 $ 67,934 $ 41,064 $ 16,544 $ 453,950 $ — $ 453,950 Fee related performance revenues — — 579 — — 579 — 579 Other fees 5,798 370 3,681 — 2 9,851 3,446 13,297 Compensation and benefits (86,502) (23,220) (33,070) (11,955) (5,316) (160,063) (66,107) (226,170) General, administrative and other expenses (14,930) (4,984) (6,674) (2,593) (1,774) (30,955) (28,142) (59,097) Fee related earnings 175,957 28,983 32,450 26,516 9,456 273,362 (90,803) 182,559 Performance income—realized 6,332 34,316 4,114 — — 44,762 — 44,762 Performance related compensation—realized (3,079) (27,483) (2,809) — — (33,371) — (33,371) Realized net performance income 3,253 6,833 1,305 — — 11,391 — 11,391 Investment income—realized 618 1,878 1,841 — 1,025 5,362 — 5,362 Interest and other investment income (expense)—realized 4,716 4,861 918 699 163 11,357 (270) 11,087 Interest expense (2,392) (2,505) (1,904) (427) (4,135) (11,363) (160) (11,523) Realized net investment income (loss) 2,942 4,234 855 272 (2,947) 5,356 (430) 4,926 Realized income $ 182,152 $ 40,050 $ 34,610 $ 26,788 $ 6,509 $ 290,109 $ (91,233) $ 198,876 Nine months ended September 30, 2022 Credit Group Private Equity Group Real Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 972,201 $ 145,669 $ 254,233 $ 135,090 $ 52,377 $ 1,559,570 $ — $ 1,559,570 Fee related performance revenues 12,628 — 2,178 235 — 15,041 — 15,041 Other fees 20,528 1,261 27,924 — 181 49,894 19,721 69,615 Compensation and benefits (301,822) (70,724) (121,183) (45,964) (22,059) (561,752) (196,492) (758,244) General, administrative and other expenses (52,734) (21,992) (28,308) (9,250) (5,575) (117,859) (109,516) (227,375) Fee related earnings 650,801 54,214 134,844 80,111 24,924 944,894 (286,287) 658,607 Performance income—realized 58,941 2,212 78,637 4,156 — 143,946 — 143,946 Performance related compensation—realized (35,675) (1,791) (50,510) (3,515) — (91,491) — (91,491) Realized net performance income 23,266 421 28,127 641 — 52,455 — 52,455 Investment income—realized 6,519 2,283 4,224 — 858 13,884 — 13,884 Interest and other investment income (expense)—realized 21,006 1,898 7,597 3,268 6,613 40,382 (1,450) 38,932 Interest expense (10,856) (11,185) (8,197) (3,775) (16,687) (50,700) (474) (51,174) Realized net investment income (loss) 16,669 (7,004) 3,624 (507) (9,216) 3,566 (1,924) 1,642 Realized income $ 690,736 $ 47,631 $ 166,595 $ 80,245 $ 15,708 $ 1,000,915 $ (288,211) $ 712,704 Nine months ended September 30, 2021 Credit Group Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 764,702 $ 135,930 $ 150,691 $ 53,962 $ 48,963 $ 1,154,248 $ — $ 1,154,248 Fee related performance revenues 1,331 — 1,938 — — 3,269 — 3,269 Other fees 18,494 726 4,604 — 82 23,906 3,446 27,352 Compensation and benefits (253,597) (62,047) (73,438) (16,244) (15,440) (420,766) (158,943) (579,709) General, administrative and other expenses (37,716) (15,351) (14,212) (3,452) (5,580) (76,311) (69,872) (146,183) Fee related earnings 493,214 59,258 69,583 34,266 28,025 684,346 (225,369) 458,977 Performance income—realized 76,924 159,479 10,317 — — 246,720 — 246,720 Performance related compensation—realized (48,619) (127,706) (6,983) — — (183,308) — (183,308) Realized net performance income 28,305 31,773 3,334 — — 63,412 — 63,412 Investment income (loss)—realized 1,858 (4,387) 13,877 — 1,347 12,695 — 12,695 Interest and other investment income—realized 14,354 9,825 4,783 701 2,824 32,487 170 32,657 Interest expense (5,372) (5,434) (4,528) (432) (8,962) (24,728) (397) (25,125) Realized net investment income (loss) 10,840 4 14,132 269 (4,791) 20,454 (227) 20,227 Realized income $ 532,359 $ 91,035 $ 87,049 $ 34,535 $ 23,234 $ 768,212 $ (225,596) $ 542,616 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Segment revenues Management fees $ 551,768 $ 453,950 $ 1,559,570 $ 1,154,248 Fee related performance revenues 1,090 579 15,041 3,269 Other fees 20,259 9,851 49,894 23,906 Performance income—realized 29,984 44,762 143,946 246,720 Total segment revenues $ 603,101 $ 509,142 $ 1,768,451 $ 1,428,143 Segment expenses Compensation and benefits $ 203,701 $ 160,063 $ 561,752 $ 420,766 General, administrative and other expenses 40,814 30,955 117,859 76,311 Performance related compensation—realized 18,858 33,371 91,491 183,308 Total segment expenses $ 263,373 $ 224,389 $ 771,102 $ 680,385 Segment realized net investment income (expense) Investment income—realized $ 4,842 $ 5,362 $ 13,884 $ 12,695 Interest and other investment income —realized 12,794 11,357 40,382 32,487 Interest expense (18,179) (11,363) (50,700) (24,728) Total segment realized net investment income (expense) $ (543) $ 5,356 $ 3,566 $ 20,454 The following table reconciles the Company's consolidated revenues to segment revenue: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Total consolidated revenue $ 801,290 $ 948,719 $ 2,117,719 $ 2,901,926 Performance income—unrealized (170,654) (415,317) (280,037) (1,381,697) Management fees of Consolidated Funds eliminated in consolidation 11,682 11,051 34,523 33,416 Incentive fees of Consolidated Funds eliminated in consolidation — — 34 1,528 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 3,946 4,264 13,030 13,157 Administrative fees (1) (16,099) (15,632) (50,947) (34,754) OMG revenue (7,681) (3,446) (19,974) (3,446) Performance income reclass (2) — 680 (14) 1,285 Principal investment income, net of eliminations (11,582) (14,250) (15,521) (86,477) Net income of non-controlling interests in consolidated subsidiaries (7,801) (6,927) (30,362) (16,795) Total consolidation adjustments and reconciling items (198,189) (439,577) (349,268) (1,473,783) Total segment revenue $ 603,101 $ 509,142 $ 1,768,451 $ 1,428,143 (1) Represents administrative fees from expense reimbursements that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations. The following table reconciles the Company's consolidated expenses to segment expenses: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Total consolidated expenses $ 898,102 $ 813,267 $ 2,062,654 $ 2,363,108 Performance related compensation-unrealized (124,466) (296,044) (207,115) (1,022,393) Expenses of Consolidated Funds added in consolidation (22,129) (23,206) (63,071) (66,653) Expenses of Consolidated Funds eliminated in consolidation 11,746 11,102 34,948 35,078 Administrative fees (1) (15,574) (15,632) (50,422) (34,754) OMG expenses (102,991) (94,249) (306,008) (228,815) Acquisition and merger-related expense (1,852) (754) (12,046) (18,364) Equity compensation expense (48,041) (65,991) (151,202) (191,144) Acquisition-related compensation expense (2) (96,697) (28,194) (204,189) (32,824) Placement fees (9,729) (32,413) (7,611) (33,740) Depreciation and amortization expense (3) (219,339) (36,668) (297,795) (71,742) Expense of non-controlling interests in consolidated subsidiaries (5,657) (6,829) (27,041) (17,372) Total consolidation adjustments and reconciling items (634,729) (588,878) (1,291,552) (1,682,723) Total segment expenses $ 263,373 $ 224,389 $ 771,102 $ 680,385 (1) Represents administrative fees from expense reimbursements that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Condensed Consolidated Statements of Operations. (3) The three and nine months ended September 30, 2022 include non-cash impairment charges of $181.6 million recorded on certain intangible assets. The following table reconciles the Company's consolidated other income to segment realized net investment income: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Total consolidated other income $ 36,434 $ 111,536 $ 112,932 $ 218,011 Investment (income) loss—unrealized 57 (3,609) 9,995 (60,588) Interest and other investment (income) loss—unrealized (4,600) (1,405) (16,661) 3,057 Other income from Consolidated Funds added in consolidation, net (38,434) (76,287) (132,852) (178,195) Other expense from Consolidated Funds eliminated in consolidation, net (1,922) (4,973) (13,655) (13,783) OMG other expense 3,016 37 8,700 646 Performance income reclass (1) — (680) 14 (1,285) Principal investment income 9,438 20,719 37,421 96,448 Other (income) expense, net (1,060) (34,812) 934 (34,666) Other income of non-controlling interests in consolidated subsidiaries (3,472) (5,170) (3,262) (9,191) Total consolidation adjustments and reconciling items (36,977) (106,180) (109,366) (197,557) Total segment realized net investment income (expense) $ (543) $ 5,356 $ 3,566 $ 20,454 (1) Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations. The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Income (loss) before taxes $ (60,378) $ 246,988 $ 167,997 $ 756,829 Adjustments: Depreciation and amortization expense (1) 219,339 36,668 297,795 71,742 Equity compensation expense 47,516 65,991 150,677 191,144 Acquisition-related compensation expense (2) 96,697 28,194 204,189 32,824 Acquisition and merger-related expense 1,852 754 12,046 18,364 Placement fees 9,729 32,413 7,611 33,740 OMG expense, net 98,325 90,840 294,734 226,015 Other (income) expense, net (1,059) (34,812) 934 (34,666) Net income of non-controlling interests in consolidated subsidiaries (5,616) (5,268) (6,583) (8,614) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (16,489) (47,372) (48,897) (102,331) Total performance income—unrealized (170,654) (415,317) (280,037) (1,381,697) Total performance related compensation—unrealized 124,466 296,044 207,115 1,022,393 Total investment income—unrealized (4,543) (5,014) (6,666) (57,531) Realized income 339,185 290,109 1,000,915 768,212 Total performance income—realized (29,984) (44,762) (143,946) (246,720) Total performance related compensation—realized 18,858 33,371 91,491 183,308 Total investment income—realized 543 (5,356) (3,566) (20,454) Fee related earnings $ 328,602 $ 273,362 $ 944,894 $ 684,346 (1) The three and nine months ended September 30, 2022 include non-cash impairment charges of $181.6 million recorded on certain intangible assets. (2) Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Condensed Consolidated Statements of Operations.

CONSOLIDATION

CONSOLIDATION	9 Months Ended
CONSOLIDATION	Sep. 30, 2022
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	16. CONSOLIDATION Investments in Consolidated Variable Interest Entities The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value. The Company's interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows: As of September 30, As of December 31, 2022 2021 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs (1) $ 377,935 $ 353,768 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs (1) 533,941 583,192 Assets of consolidated VIEs 12,501,069 13,197,321 Liabilities of consolidated VIEs 11,173,216 12,018,655 (1) As of September 30, 2022 and December 31, 2021, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $82.2 million and $103.8 million, respectively. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Net income attributable to non-controlling interests related to consolidated VIEs $ 8,733 $ 38,597 $ 28,470 $ 84,285 Consolidating Schedules The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition, results from operations and cash flows: As of September 30, 2022 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 361,500 $ — $ — $ 361,500 Investments (includes $3,290,381 of accrued carried interest) 4,638,092 — (525,699) 4,112,393 Due from affiliates 744,981 — (183,478) 561,503 Other assets 275,189 — — 275,189 Right-of-use operating lease assets 159,686 — — 159,686 Intangible assets, net 1,238,108 — — 1,238,108 Goodwill 996,740 — — 996,740 Assets of Consolidated Funds Cash and cash equivalents — 683,976 — 683,976 U.S. Treasury securities, at fair value — 1,005,094 — 1,005,094 Investments, at fair value — 11,564,696 4,495 11,569,191 Due from affiliates — 17,537 (9,801) 7,736 Receivable for securities sold — 189,823 — 189,823 Other assets — 45,387 — 45,387 Total assets $ 8,414,296 $ 13,506,513 $ (714,483) $ 21,206,326 Liabilities Accounts payable, accrued expenses and other liabilities $ 314,932 $ — $ (9,801) $ 305,131 Accrued compensation 595,330 — — 595,330 Due to affiliates 122,307 — — 122,307 Performance related compensation payable 2,402,019 — — 2,402,019 Debt obligations 2,018,462 — — 2,018,462 Operating lease liabilities 193,180 — — 193,180 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 123,527 (1,533) 121,994 Due to affiliates — 178,983 (178,983) — Payable for securities purchased — 419,726 — 419,726 CLO loan obligations, at fair value — 10,343,840 (29,959) 10,313,881 Fund borrowings — 149,546 — 149,546 Total liabilities 5,646,230 11,215,622 (220,276) 16,641,576 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,004,994 — 1,004,994 Redeemable interest in Ares Operating Group entities 92,108 — — 92,108 Non-controlling interest in Consolidated Funds — 1,285,897 (451,187) 834,710 Non-controlling interest in Ares Operating Group entities 1,138,659 — (17,382) 1,121,277 Stockholders' Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (172,402,437 shares issued and outstanding) 1,724 — — 1,724 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (118,275,157 shares issued and outstanding) 1,183 — — 1,183 Additional paid-in-capital 1,937,374 — (25,638) 1,911,736 Accumulated deficit (374,198) — — (374,198) Accumulated other comprehensive loss, net of tax (28,819) — — (28,819) Total stockholders' equity 1,537,299 — (25,638) 1,511,661 Total equity 2,675,958 1,285,897 (494,207) 3,467,648 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,414,296 $ 13,506,513 $ (714,483) $ 21,206,326 As of December 31, 2021 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 343,655 $ — $ — $ 343,655 Investments (includes $2,998,421 of accrued carried interest) 4,271,836 — (587,572) 3,684,264 Due from affiliates 696,963 — (26,580) 670,383 Other assets 338,685 — (3,930) 334,755 Right-of-use operating lease assets 167,652 — — 167,652 Intangible assets, net 1,422,818 — — 1,422,818 Goodwill 787,972 — — 787,972 Assets of Consolidated Funds Cash and cash equivalents — 1,049,191 — 1,049,191 U.S. Treasury securities, at fair value — 1,000,285 — 1,000,285 Investments, at fair value — 11,812,093 4,300 11,816,393 Due from affiliates — 16,761 (9,527) 7,234 Receivable for securities sold — 281,132 — 281,132 Other assets — 39,430 — 39,430 Total assets $ 8,029,581 $ 14,198,892 $ (623,309) $ 21,605,164 Liabilities Accounts payable, accrued expenses and other liabilities $ 289,200 $ — $ (9,527) $ 279,673 Accrued compensation 310,222 — — 310,222 Due to affiliates 198,553 — — 198,553 Performance related compensation payable 2,190,352 — — 2,190,352 Debt obligations 1,503,709 — — 1,503,709 Operating lease liabilities 205,075 — — 205,075 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 117,139 (13,881) 103,258 Due to affiliates — 26,210 (26,210) — Payable for securities purchased — 1,118,456 — 1,118,456 CLO loan obligations, at fair value — 10,698,681 (41,020) 10,657,661 Fund borrowings — 127,771 — 127,771 Total liabilities 4,697,111 12,088,257 (90,638) 16,694,730 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,000,000 — 1,000,000 Redeemable interest in Ares Operating Group entities 96,008 — — 96,008 Non-controlling interest in Consolidated Funds — 1,110,635 (519,183) 591,452 Non-controlling interest in Ares Operating Group entities 1,403,255 — (5,508) 1,397,747 Stockholders' Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (168,351,305 shares issued and outstanding) 1,684 — — 1,684 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (118,609,332 shares issued and outstanding) 1,186 — — 1,186 Additional paid-in-capital 1,921,539 — (7,980) 1,913,559 Accumulated deficit (89,382) — — (89,382) Accumulated other comprehensive loss, net of tax (1,855) — — (1,855) Total stockholders' equity 1,833,207 — (7,980) 1,825,227 Total equity 3,236,462 1,110,635 (532,671) 3,814,426 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,029,581 $ 14,198,892 $ (623,309) $ 21,605,164 Three months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 560,140 $ — $ (11,682) $ 548,458 Carried interest allocation 192,186 — — 192,186 Incentive fees 8,882 — — 8,882 Principal investment income 9,438 — 2,144 11,582 Administrative, transaction and other fees 44,128 — (3,946) 40,182 Total revenues 814,774 — (13,484) 801,290 Expenses Compensation and benefits 425,419 — — 425,419 Performance related compensation 142,934 — — 142,934 General, administrative and other expense 319,366 — (14) 319,352 Expenses of the Consolidated Funds — 22,129 (11,732) 10,397 Total expenses 887,719 22,129 (11,746) 898,102 Other income (expense) Net realized and unrealized gains on investments 5,433 — (1,002) 4,431 Interest and dividend income 5,820 — (3,734) 2,086 Interest expense (18,307) — — (18,307) Other income, net 3,132 — (531) 2,601 Net realized and unrealized losses on investments of the Consolidated Funds — (3,760) 3,730 (30) Interest and other income of the Consolidated Funds — 157,884 531 158,415 Interest expense of the Consolidated Funds — (115,690) 2,928 (112,762) Total other income (expense), net (3,922) 38,434 1,922 36,434 Income (loss) before taxes (76,867) 16,305 184 (60,378) Income tax expense (benefit) (11,748) 149 — (11,599) Net income (loss) (65,119) 16,156 184 (48,779) Less: Net income attributable to non-controlling interests in Consolidated Funds — 16,156 184 16,340 Net loss attributable to Ares Operating Group entities (65,119) — — (65,119) Less: Net income attributable to redeemable interest in Ares Operating Group entities 93 — — 93 Less: Net loss attributable to non-controlling interests in Ares Operating Group entities (29,666) — — (29,666) Net loss attributable to Ares Management Corporation Class A and non-voting common stockholders $ (35,546) $ — $ — $ (35,546) Three months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 459,313 $ — $ (11,051) $ 448,262 Carried interest allocation 460,651 — — 460,651 Incentive fees 696 — — 696 Principal investment income 20,719 — (6,469) 14,250 Administrative, transaction and other fees 29,124 — (4,264) 24,860 Total revenues 970,503 — (21,784) 948,719 Expenses Compensation and benefits 335,569 — — 335,569 Performance related compensation 331,141 — — 331,141 General, administrative and other expense 134,453 — — 134,453 Expenses of the Consolidated Funds — 23,206 (11,102) 12,104 Total expenses 801,163 23,206 (11,102) 813,267 Other income (expense) Net realized and unrealized gains on investments 2,759 — 5,575 8,334 Interest and dividend income 2,702 — (1,326) 1,376 Interest expense (11,523) — — (11,523) Other income, net 36,338 — 316 36,654 Net realized and unrealized gains on investments of the Consolidated Funds — 36,695 (2,450) 34,245 Interest and other income of the Consolidated Funds — 104,344 (316) 104,028 Interest expense of the Consolidated Funds — (64,752) 3,174 (61,578) Total other income, net 30,276 76,287 4,973 111,536 Income before taxes 199,616 53,081 (5,709) 246,988 Income tax expense 30,273 2 — 30,275 Net income 169,343 53,079 (5,709) 216,713 Less: Net income attributable to non-controlling interests in Consolidated Funds — 53,079 (5,709) 47,370 Net income attributable to Ares Operating Group entities 169,343 — — 169,343 Less: Net income attributable to redeemable interest in Ares Operating Group entities 324 — — 324 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 84,293 — — 84,293 Net income attributable to Ares Management Corporation Class A common stockholders $ 84,726 $ — $ — $ 84,726 Nine months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,580,873 $ — $ (34,523) $ 1,546,350 Carried interest allocation 417,779 — — 417,779 Incentive fees 30,013 — (34) 29,979 Principal investment income 37,421 — (21,900) 15,521 Administrative, transaction and other fees 121,120 — (13,030) 108,090 Total revenues 2,187,206 — (69,487) 2,117,719 Expenses Compensation and benefits 1,155,031 — — 1,155,031 Performance related compensation 316,818 — — 316,818 General, administrative and other expense 562,682 — (241) 562,441 Expenses of the Consolidated Funds — 63,071 (34,707) 28,364 Total expenses 2,034,531 63,071 (34,948) 2,062,654 Other income (expense) Net realized and unrealized gains (losses) on investments (9,926) — 20,691 10,765 Interest and dividend income 17,605 — (12,541) 5,064 Interest expense (51,174) — — (51,174) Other income, net 9,920 — 274 10,194 Net realized and unrealized gains on investments of the Consolidated Funds — 12,445 (4,414) 8,031 Interest and other income of the Consolidated Funds — 396,354 (274) 396,080 Interest expense of the Consolidated Funds — (275,947) 9,919 (266,028) Total other income (expense) (33,575) 132,852 13,655 112,932 Income before taxes 119,100 69,781 (20,884) 167,997 Income tax expense 22,075 197 — 22,272 Net income 97,025 69,584 (20,884) 145,725 Less: Net income attributable to non-controlling interests in Consolidated Funds — 69,584 (20,884) 48,700 Net income attributable to Ares Operating Group entities 97,025 — — 97,025 Less: Net income attributable to redeemable interest in Ares Operating Group entities 35 — — 35 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 46,942 — — 46,942 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 50,048 $ — $ — $ 50,048 Nine months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,169,237 $ — $ (33,416) $ 1,135,821 Carried interest allocation 1,610,707 — — 1,610,707 Incentive fees 20,948 — (1,528) 19,420 Principal investment income 96,448 — (9,971) 86,477 Administrative, transaction and other fees 62,658 — (13,157) 49,501 Total revenues 2,959,998 — (58,072) 2,901,926 Expenses Compensation and benefits 837,108 — — 837,108 Performance related compensation 1,208,954 — — 1,208,954 General, administrative and other expense 285,471 — — 285,471 Expenses of the Consolidated Funds — 66,653 (35,078) 31,575 Total expenses 2,331,533 66,653 (35,078) 2,363,108 Other income (expense) Net realized and unrealized gains on investments 10,602 — 8,142 18,744 Interest and dividend income 9,695 — (2,877) 6,818 Interest expense (25,125) — — (25,125) Other income, net 30,861 — (175) 30,686 Net realized and unrealized gains on investments of the Consolidated Funds — 46,541 (1,821) 44,720 Interest and other income of the Consolidated Funds — 333,570 175 333,745 Interest expense of the Consolidated Funds — (201,916) 10,339 (191,577) Total other income 26,033 178,195 13,783 218,011 Income before taxes 654,498 111,542 (9,211) 756,829 Income tax expense 104,411 76 — 104,487 Net income 550,087 111,466 (9,211) 652,342 Less: Net income attributable to non-controlling interests in Consolidated Funds — 111,466 (9,211) 102,255 Net income attributable to Ares Operating Group entities 550,087 — — 550,087 Less: Net income attributable to redeemable interest in Ares Operating Group entities 693 — — 693 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 264,646 — — 264,646 Net income attributable to Ares Management Corporation 284,748 — — 284,748 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Less: Series A Preferred Stock redemption premium 11,239 — — 11,239 Net income attributable to Ares Management Corporation Class A common stockholders $ 262,659 $ — $ — $ 262,659 Nine months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 97,025 $ 69,584 $ (20,884) $ 145,725 Adjustments to reconcile net income to net cash provided by operating activities 382,823 — (61,873) 320,950 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (1,132,839) 4,414 (1,128,425) Cash flows due to changes in operating assets and liabilities 160,957 — 152,692 313,649 Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds — (427,022) 231,518 (195,504) Net cash provided by (used in) operating activities 640,805 (1,490,277) 305,867 (543,605) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (28,388) — — (28,388) Acquisitions, net of cash acquired (301,658) — — (301,658) Net cash used in investing activities (330,046) — — (330,046) Cash flows from financing activities: Proceeds from Credit Facility 940,000 — — 940,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (910,000) — — (910,000) Dividends and distributions (608,220) — — (608,220) Stock option exercises 14,531 — — 14,531 Taxes paid related to net share settlement of equity awards (194,223) — — (194,223) Other financing activities 2,457 — — 2,457 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 362,752 (64,106) 298,646 Distributions to non-controlling interests in Consolidated Funds — (227,886) 123,454 (104,432) Borrowings under loan obligations by Consolidated Funds — 1,120,680 — 1,120,680 Repayments under loan obligations by Consolidated Funds — (121,273) — (121,273) Net cash provided by (used in) financing activities (266,540) 1,134,273 59,348 927,081 Effect of exchange rate changes (26,374) (9,211) — (35,585) Net change in cash and cash equivalents 17,845 (365,215) 365,215 17,845 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 361,500 $ 683,976 $ (683,976) $ 361,500 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisitions $ 12,835 $ — $ — $ 12,835 Nine months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 550,087 $ 111,466 $ (9,211) $ 652,342 Adjustments to reconcile net income to net cash provided by (used in) operating activities (28,467) — 99,600 71,133 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (1,697,529) 9,444 (1,688,085) Cash flows due to changes in operating assets and liabilities (153,361) — 3,923 (149,438) Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 343,253 (1,072,956) (729,703) Net cash provided by (used in) operating activities 368,259 (1,242,810) (969,200) (1,843,751) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (15,152) — — (15,152) Acquisitions, net of cash acquired (1,057,426) — — (1,057,426) Net cash used in investing activities (1,072,578) — — (1,072,578) Cash flows from financing activities: Net proceeds from issuance of Class A and non-voting common stock 827,430 — — 827,430 Proceeds from Credit Facility 468,000 — — 468,000 Proceeds from subordinated notes 450,000 — — 450,000 Repayments of Credit Facility (318,000) — — (318,000) Dividends and distributions (438,568) — — (438,568) Series A Preferred Stock dividends (10,850) — — (10,850) Redemption of Series A Preferred Stock (310,000) — — (310,000) Stock option exercises 27,409 — — 27,409 Taxes paid related to net share settlement of equity awards (221,287) — — (221,287) Other financing activities 1,976 — — 1,976 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 1,027,454 (107,788) 919,666 Distributions to non-controlling interests in Consolidated Funds — (102,701) 17,931 (84,770) Borrowings under loan obligations by Consolidated Funds — 1,456,887 — 1,456,887 Repayments under loan obligations by Consolidated Funds — (74,909) — (74,909) Net cash provided by financing activities 476,110 2,306,731 (89,857) 2,692,984 Effect of exchange rate changes (15,899) (4,864) — (20,763) Net change in cash and cash equivalents (244,108) 1,059,057 (1,059,057) (244,108) Cash and cash equivalents, beginning of period 539,812 522,377 (522,377) 539,812 Cash and cash equivalents, end of period $ 295,704 $ 1,581,434 $ (1,581,434) $ 295,704 Supplemental disclosure of non-cash financing activities Issuance of AOG Units in connection with acquisitions $ 511,069 $ — $ — $ 511,069

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after September 30, 2022 through the date the unaudited condensed consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure:

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation.
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its unaudited condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) , to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 and ASU 2021-01 at any time after March 12, 2020 but no later than December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has concluded this guidance will not have a material impact on its unaudited condensed consolidated financial statements.
Fair Value Measurements	Fair Value Measurements GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I —Quoted prices in active markets for identical instruments. • Level II —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. • Level III —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
BUSINESS COMBINATIONS (Tables)	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions Fair Value Consideration Transferred	The acquisition date fair value of the consideration transferred totaled $1.1 billion, which consisted of the following: Cash $ 803,309 Equity (1) 299,420 Total $ 1,102,729 (1) 5,415,278 AOG Units were issued in connection with the Landmark Acquisition and increased Ares Owners Holdings L.P.’s ownership interest in the AOG entities.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The fair value of assets acquired and liabilities assumed are estimated to be: Cash $ 25,645 Other tangible assets 23,403 Intangible assets: Management contracts 425,880 Client relationships 197,160 Trade name 86,200 Total intangible assets 709,240 Total identifiable assets acquired 758,288 Accounts payable, accrued expenses and other liabilities 73,216 Net identifiable assets acquired 685,072 Goodwill 417,657 Net assets acquired $ 1,102,729
Schedule of Business Acquisition, Pro Forma Information	Supplemental information of the Company’s consolidated results on an unaudited pro forma basis, as if the Landmark Acquisition had been consummated as of January 1, 2020, is as follows: Three months ended September 30, Nine months ended September 30, 2021 2021 Total revenues $ 948,719 $ 2,966,540 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 87,542 $ 257,361

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Value for the Company's Intangible Assets	The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets: Weighted Average Amortization Period as of September 30, 2022 In Years As of September 30, As of December 31, 2022 2021 Management contracts 5.2 $ 586,077 $ 641,737 Client relationships 9.9 262,301 229,501 Trade name 7.8 11,079 11,079 Other 2.1 500 500 Finite-lived intangible assets 859,957 882,817 Foreign currency translation (2,972) 1,792 Total finite-lived intangible assets 856,985 884,609 Less: accumulated amortization (186,677) (115,791) Finite-lived intangible assets, net 670,308 768,818 Management contracts 567,800 567,800 Trade name — 86,200 Indefinite-lived intangible assets 567,800 654,000 Intangible assets, net $ 1,238,108 $ 1,422,818
Schedule of Goodwill Rollforward	The following table summarizes the carrying value of the Company’s goodwill: Credit Group Private Real Secondaries Group Strategic Initiatives Total Balance as of December 31, 2021 $ 32,196 $ 58,600 $ 53,339 $ 417,738 $ 226,099 $ 787,972 Acquisitions — — 213,424 (96) — 213,328 Reallocation — (10,530) 10,530 — — — Foreign currency translation — — — (35) (4,525) (4,560) Balance as of September 30, 2022 $ 32,196 $ 48,070 $ 277,293 $ 417,607 $ 221,574 $ 996,740

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
INVESTMENTS (Tables)	Sep. 30, 2022
Investments in and Advances to Affiliates [Abstract]
Summary of Investments Held	The Company’s investments are comprised of the following: Percentage of total investments September 30, December 31, September 30, December 31, 2022 2021 2022 2021 Equity method investments: Equity method - carried interest $ 3,290,381 $ 2,998,421 80.0 % 81.4 % Equity method private investment partnership interests - principal 526,110 473,887 12.8 12.9 Equity method private investment partnership interests and other (held at fair value) 125,499 117,539 3.0 3.2 Equity method private investment partnership interests and other 47,564 40,580 1.2 1.1 Total equity method investments 3,989,554 3,630,427 97.0 98.6 Collateralized loan obligations 24,243 30,815 0.6 0.8 Other fixed income 21,582 21,582 0.4 0.5 Collateralized loan obligations and other fixed income, at fair value 45,825 52,397 1.0 1.3 Common stock, at fair value 77,014 1,440 2.0 0.1 Total investments $ 4,112,393 $ 3,684,264 Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of September 30, December 31, September 30, December 31, 2022 2021 2022 2021 Fixed income investments: Bonds $ 751,385 $ 857,125 6.0 % 6.7% Loans 8,986,386 9,910,689 71.4 77.3 U.S. Treasury securities 1,005,094 1,000,285 8.0 7.8 Total fixed income investments 10,742,865 11,768,099 85.4 91.8 Equity securities 698,236 340,272 5.6 2.7 Partnership interests 1,133,184 708,307 9.0 5.5 Total investments, at fair value $ 12,574,285 $ 12,816,678

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Valuation of Investments and Other Financial Instruments by Fair Value Hierarchy Levels	The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of September 30, 2022: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 45,825 $ — $ 45,825 Common stock and other equity securities — 77,014 117,272 — 194,286 Partnership interests — — 2,575 5,652 8,227 Total investments, at fair value — 77,014 165,672 5,652 248,338 Derivatives-foreign currency forward contracts — 9,247 — — 9,247 Total assets, at fair value $ — $ 86,261 $ 165,672 $ 5,652 $ 257,585 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (6,581) $ — $ — $ (6,581) Contingent consideration — — (11,000) — (11,000) Total liabilities, at fair value $ — $ (6,581) $ (11,000) $ — $ (17,581) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 495,501 $ 255,884 $ — $ 751,385 Loans — 8,321,661 664,725 — 8,986,386 U.S. Treasury securities 1,005,094 — — — 1,005,094 Total fixed income investments 1,005,094 8,817,162 920,609 — 10,742,865 Equity securities 646 — 526,051 171,539 698,236 Partnership interests — — 252,634 880,550 1,133,184 Total investments, at fair value 1,005,740 8,817,162 1,699,294 1,052,089 12,574,285 Derivatives: Derivatives-foreign exchange contracts — 536 — — 536 Total derivative assets, at fair value — 536 — — 536 Total assets, at fair value $ 1,005,740 $ 8,817,698 $ 1,699,294 $ 1,052,089 $ 12,574,821 Liabilities, at fair value Derivatives: Warrants $ (2,000) $ — $ — $ — $ (2,000) Forward foreign currency contracts — (496) — — (496) Asset swaps — — (3,353) — (3,353) Total derivative liabilities, at fair value (2,000) (496) (3,353) — (5,849) Loan obligations of CLOs — (10,313,881) — — (10,313,881) Total liabilities, at fair value $ (2,000) $ (10,314,377) $ (3,353) $ — $ (10,319,730) The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2021: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 52,397 $ — $ 52,397 Common stock and other equity securities — 1,440 108,949 — 110,389 Partnership interests — — 2,575 6,016 8,591 Total investments, at fair value — 1,440 163,921 6,016 171,377 Derivatives-foreign currency forward contracts — 5,682 — — 5,682 Total assets, at fair value $ — $ 7,122 $ 163,921 $ 6,016 $ 177,059 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (328) $ — $ — $ (328) Contingent consideration — — (57,435) — (57,435) Total liabilities, at fair value $ — $ (328) $ (57,435) $ — $ (57,763) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 525,393 $ 331,732 $ — $ 857,125 Loans — 9,499,469 411,220 — 9,910,689 U. S. Treasury Securities 1,000,285 — — — 1,000,285 Total fixed income investments 1,000,285 10,024,862 742,952 — 11,768,099 Equity securities 956 133 339,183 — 340,272 Partnership interests — — 238,673 469,634 708,307 Total assets, at fair value $ 1,001,241 $ 10,024,995 $ 1,320,808 $ 469,634 $ 12,816,678 Liabilities, at fair value Derivatives: Derivatives-foreign exchange contracts $ (17,822) $ — $ — $ — $ (17,822) Asset swaps — — (3,105) — (3,105) Total derivative liabilities, at fair value (17,822) — (3,105) — (20,927) Loan obligations of CLOs — (10,657,661) — — (10,657,661) Total liabilities, at fair value $ (17,822) $ (10,657,661) $ (3,105) $ — $ (10,678,588) The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2022: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 113,881 $ 46,356 $ 2,575 $ (10,748) $ 152,064 Purchases (1) 894 — — — 894 Change in fair value — — — (252) (252) Sales/settlements (2) (1,179) (505) — — (1,684) Realized and unrealized appreciation(depreciation), net 3,676 (26) — — 3,650 Balance, end of period $ 117,272 $ 45,825 $ 2,575 $ (11,000) $ 154,672 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 7,111 $ (26) $ — $ (252) $ 6,833 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 480,914 $ 1,076,254 $ 250,123 $ (3,035) $ 1,804,256 Transfer in — 171,687 — — 171,687 Transfer out — (350,079) — — (350,079) Purchases (1) 49,024 173,253 31,258 — 253,535 Sales/settlements (2) (64) (132,226) (22,328) — (154,618) Amortized discounts/premiums — 521 — — 521 Realized and unrealized appreciation(depreciation), net (3,823) (18,801) (6,419) (318) (29,361) Balance, end of period $ 526,051 $ 920,609 $ 252,634 $ (3,353) $ 1,695,941 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (3,836) $ (9,067) $ 5,421 $ (447) $ (7,929) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2021: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 107,240 $ 55,840 $ 2,575 $ — $ 165,655 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) — 708 — — 708 Sales/settlements (2) — (2,904) — — (2,904) Realized and unrealized appreciation (depreciation), net 1,157 663 — (7,213) (5,393) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 1,157 $ 675 $ — $ (7,213) $ (5,381) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 229,300 $ 455,426 $ 255,278 $ (1,658) $ 938,346 Transfer in — 18,792 — — 18,792 Transfer out — (209,282) — — (209,282) Purchases (1) 27,346 219,180 — — 246,526 Sales/settlements (2) (313) (88,584) (30,000) 625 (118,272) Amortized discounts/premiums — 394 — — 394 Realized and unrealized appreciation (depreciation), net 2,913 6,750 12,280 (155) 21,788 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,912 $ 1,607 $ 12,280 $ (63) $ 16,736 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Summary of Changes in the Fair Value of the Level III Investments, Assets	The following tables set forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2022: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Transfer in due to changes in consolidation 1,491 — — — 1,491 Purchases (1) 894 — — — 894 Sales/settlements (2) (2,326) (2,383) — 47,873 43,164 Change in fair value — — — (1,438) (1,438) Realized and unrealized appreciation (depreciation), net 8,264 (4,189) — — 4,075 Balance, end of period $ 117,272 $ 45,825 $ 2,575 $ (11,000) $ 154,672 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 10,330 $ (4,189) $ — $ (1,438) $ 4,703 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 321,939 — — 321,939 Transfer out — (213,658) — — (213,658) Purchases (1) 166,667 551,408 58,258 — 776,333 Sales/settlements (2) (28,444) (405,904) (52,828) — (487,176) Amortized discounts/premiums — 1,274 — — 1,274 Realized and unrealized appreciation (depreciation), net 48,645 (77,402) 8,531 (248) (20,474) Balance, end of period $ 526,051 $ 920,609 $ 252,634 $ (3,353) $ 1,695,941 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 22,304 $ (69,982) $ 344 $ (643) $ (47,977) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2021: Level III Assets of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 88,412 $ 53,349 $ 2,575 $ — $ 144,336 Transfer in due to changes in consolidation — 7,623 — — 7,623 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) 19,278 1,689 — — 20,967 Sales/settlements (2) — (12,120) — — (12,120) Realized and unrealized appreciation (depreciation), net 707 3,766 — (7,213) (2,740) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 707 $ 2,315 $ — $ (7,213) $ (4,191) Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 221,043 $ 542,305 $ 231,857 $ 1,060 $ 996,265 Transfer out due to changes in consolidation (157) (49,326) — — (49,483) Transfer in 2,195 47,818 — — 50,013 Transfer out (33) (216,177) — — (216,210) Purchases (1) 36,201 437,426 13,000 — 486,627 Sales/settlements (2) (876) (371,006) (32,000) 301 (403,581) Amortized discounts/premiums 1 1,464 — — 1,465 Realized and unrealized appreciation (depreciation), net 872 10,172 24,701 (2,549) 33,196 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 790 $ 2,700 $ 24,701 $ (1,670) $ 26,521 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Summary of Changes in the Fair Value of the Level III Investments, Liabilities	The following tables set forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2022: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Transfer in due to changes in consolidation 1,491 — — — 1,491 Purchases (1) 894 — — — 894 Sales/settlements (2) (2,326) (2,383) — 47,873 43,164 Change in fair value — — — (1,438) (1,438) Realized and unrealized appreciation (depreciation), net 8,264 (4,189) — — 4,075 Balance, end of period $ 117,272 $ 45,825 $ 2,575 $ (11,000) $ 154,672 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 10,330 $ (4,189) $ — $ (1,438) $ 4,703 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 321,939 — — 321,939 Transfer out — (213,658) — — (213,658) Purchases (1) 166,667 551,408 58,258 — 776,333 Sales/settlements (2) (28,444) (405,904) (52,828) — (487,176) Amortized discounts/premiums — 1,274 — — 1,274 Realized and unrealized appreciation (depreciation), net 48,645 (77,402) 8,531 (248) (20,474) Balance, end of period $ 526,051 $ 920,609 $ 252,634 $ (3,353) $ 1,695,941 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 22,304 $ (69,982) $ 344 $ (643) $ (47,977) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2021: Level III Assets of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 88,412 $ 53,349 $ 2,575 $ — $ 144,336 Transfer in due to changes in consolidation — 7,623 — — 7,623 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) 19,278 1,689 — — 20,967 Sales/settlements (2) — (12,120) — — (12,120) Realized and unrealized appreciation (depreciation), net 707 3,766 — (7,213) (2,740) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 707 $ 2,315 $ — $ (7,213) $ (4,191) Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 221,043 $ 542,305 $ 231,857 $ 1,060 $ 996,265 Transfer out due to changes in consolidation (157) (49,326) — — (49,483) Transfer in 2,195 47,818 — — 50,013 Transfer out (33) (216,177) — — (216,210) Purchases (1) 36,201 437,426 13,000 — 486,627 Sales/settlements (2) (876) (371,006) (32,000) 301 (403,581) Amortized discounts/premiums 1 1,464 — — 1,465 Realized and unrealized appreciation (depreciation), net 872 10,172 24,701 (2,549) 33,196 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 790 $ 2,700 $ 24,701 $ (1,670) $ 26,521 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Summary of Quantitative Inputs and Assumptions used for Level III Inputs	The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of September 30, 2022: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 15,504 Transaction price (1) N/A N/A N/A 56,154 Discounted cash flow Discount rate 16.0% 16.0% 45,614 Market approach Multiple of book value 1.4x 1.4x Partnership interests 2,575 Other N/A N/A N/A Collateralized loan obligations 24,243 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 21,582 Other N/A N/A N/A Total assets $ 165,672 Liabilities Contingent consideration $ (11,000) Other N/A N/A N/A Total liabilities $ (11,000) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 2,168 Market approach EBITDA multiples (2) 9.3x - 55.9x 12.8x 216,820 Market approach Multiple of book values 1.0x - 27.5x 5.5x 199,536 Discounted cash flow Discount rate 20.0% 20.0% 551 Other N/A N/A N/A 19 Yield analysis Yields 12.5% - 15.2% 12.9% 74 Broker quotes and/or 3rd party pricing services N/A N/A N/A 106,883 Transaction price (1) N/A N/A N/A Partnership interest 252,634 Discounted cash flow Discount rate 23.4% 23.4% Fixed income securities 799,759 Broker quotes and/or 3rd party pricing services N/A N/A N/A 107,133 Yield analysis Yields 5.6% - 23.0% 10.8% 12,394 Transaction price N/A N/A N/A 1,323 Other N/A N/A N/A Total assets $ 1,699,294 Liabilities Derivative instruments $ (3,353) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (3,353) (1) Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2021: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 14,610 Transaction price (1) N/A N/A N/A 50,690 Discounted cash flow Discount rates 14.0% - 20.0% 14.3% 43,649 Market approach Multiple of book value 1.4x 1.4x Partnership interests 2,575 Other N/A N/A N/A Collateralized loan obligations 30,815 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 21,582 Other N/A N/A N/A Total assets $ 163,921 Liabilities Contingent Consideration $ (9,562) Monte Carlo simulation Discount rate 8.5% 8.5% Volatility 18% 18% (47,873) Other N/A N/A N/A Total liabilities $ (57,435) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 1,261 Market approach EBITDA multiples (2) 1.0x - 64.4x 17.5x 140,185 Market approach Multiple of book values 1.0x- 1.2x 1.1x 123,685 Discounted cash flow Discount rate 20.0% 20.0% 11 Broker quotes and/or 3rd party pricing services N/A N/A N/A 74,041 Transaction price (1) N/A N/A N/A Partnership interests 238,673 Discounted cash flow Discount rate 23.4% 23.4% Fixed income securities 614,754 Broker quotes and/or 3rd party pricing services N/A N/A N/A 128,198 Income approach Yields 3.5% - 16.2% 6.7% Total assets $ 1,320,808 Liabilities Derivative instruments $ (3,105) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (3,105) (1) Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Quantitative Disclosures of Derivative Financial Instruments	The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds: As of September 30, 2022 As of December 31, 2021 Assets Liabilities Assets Liabilities The Company Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Foreign currency forward contracts $ 80,239 $ 9,247 $ 175,453 $ 6,581 $ 409,018 $ 5,682 $ 11,011 $ 328 Total derivatives, at fair value (2) $ 80,239 $ 9,247 $ 175,453 $ 6,581 $ 409,018 $ 5,682 $ 11,011 $ 328 As of September 30, 2022 As of December 31, 2021 Assets Liabilities Assets Liabilities Consolidated Funds Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Foreign currency forward contracts $ 536 $ 536 $ 496 $ 496 $ — $ — $ — $ — Warrants — — 230,000 2,000 — — 230,000 17,822 Asset swaps 55,963 — 49,475 3,353 56,000 — 49,516 3,105 Total derivatives, at fair value (3) $ 56,499 $ 536 $ 279,971 $ 5,849 $ 56,000 $ — $ 279,516 $ 20,927 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of September 30, 2022 and December 31, 2021, the Company had the right to, but elected not to, offset $6.6 million and $0.3 million of its derivative liabilities. (3) As of September 30, 2022 and December 31, 2021, the Consolidated Funds offset an immaterial amount of their derivative assets and liabilities.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Borrowings Outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of September 30, 2022 As of December 31, 2021 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility (1) Revolving 3/31/2027 N/A $ 445,000 3.87% $ 415,000 1.25% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 248,511 4.21 247,979 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,490 3.28 396,156 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 483,750 3.77 — — 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,711 4.13 444,574 4.13 Total debt obligations $ 2,018,462 $ 1,503,709 (1) On March 31, 2022, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.090 billion to $1.275 billion with an accordion feature of $375.0 million, replace the LIBOR based-rate with a Secured Overnight Financing Rate (“SOFR”) based-rate plus an applicable credit spread adjustment and extend the maturity date from March 2026 to March 2027. On July 6, 2022, the Company increased the revolver commitments from $1.275 billion to $1.325 billion via the accordion. The AOG entities are borrowers under the Credit Facility. The Credit Facility has a variable interest rate based on SOFR or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of September 30, 2022, base rate loans bear interest calculated based on the base rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. (2) The 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes. (3) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes. (4) The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Notes. (5) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed-rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five The following table presents the activity of the Company's debt issuance costs: Credit Facility Senior Subordinated Notes Unamortized debt issuance costs as of December 31, 2021 $ 5,274 $ 3,689 $ 5,426 Debt issuance costs incurred 1,517 5,436 — Amortization of debt issuance costs (957) (582) (137) Unamortized debt issuance costs as of September 30, 2022 $ 5,834 $ 8,543 $ 5,289 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of September 30, 2022 As of December 31, 2021 Fair Value of Weighted Weighted Fair Value of Loan Obligations Weighted Weighted Senior secured notes $ 9,664,638 3.41% 8.8 $ 10,016,638 1.93% 9.4 Subordinated notes (1) 649,243 N/A 7.0 641,023 N/A 8.1 Total loan obligations of Consolidated CLOs $ 10,313,881 $ 10,657,661 (1) The notes do not have contractual interest rates; instead, holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO. The Consolidated Funds had the following revolving bank credit facilities outstanding: As of September 30, 2022 As of December 31, 2021 Consolidated Funds' Debt Facilities Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate 10/13/2022 $ 112,817 $ 77,496 4.04% $ 71,500 1.59% 7/1/2023 18,000 15,550 4.69 16,271 1.73 7/23/2024 75,000 56,500 5.97 40,000 3.09 9/24/2026 150,000 — N/A — N/A 9/12/2027 54,000 — N/A — N/A Total borrowings of Consolidated Funds $ 149,546 $ 127,771 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Supplemental Quantitative Disclosures	The tables below present certain supplemental quantitative disclosures regarding the Company's leases: As of September 30, As of December 31, Classification 2022 2021 Operating lease assets Right-of-use operating lease assets $ 159,686 $ 167,652 Finance lease assets Other assets (1) 543 1,011 Total lease assets $ 160,229 $ 168,663 Operating lease liabilities Operating lease liabilities $ 193,180 $ 205,075 Finance lease obligations Accounts payable, accrued expenses and other liabilities 393 936 Total lease liabilities $ 193,573 $ 206,011 (1) Finance lease assets are recorded net of accumulated amortization of $2.0 million and $1.6 million as of September 30, 2022 and December 31, 2021, respectively. Three months ended September 30, Nine months ended September 30, Classification 2022 2021 2022 2021 Operating lease expense General, administrative and other expenses $ 11,168 $ 9,697 $ 31,302 $ 27,203 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 144 154 488 408 Interest on finance lease liabilities Interest expense 3 7 12 24 Total lease expense $ 11,315 $ 9,858 $ 31,802 $ 27,635 Nine months ended September 30, Other information 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 33,156 $ 26,704 Operating cash flows for finance leases 19 34 Financing cash flows for finance leases 525 463 Leased assets obtained in exchange for new finance lease liabilities 13 189 Leased assets obtained in exchange for new operating lease liabilities 20,687 55,461 As of September 30, As of December 31, Lease term and discount rate 2022 2021 Weighted-average remaining lease terms (in years): Operating leases 5.4 6.0 Finance leases 2.2 1.8 Weighted-average discount rate: Operating leases 2.77 % 1.81 % Finance leases 2.88 % 2.94 %
Schedule of Operating Lease Maturities	Maturity of lease liabilities Operating Leases Finance Leases 2022 $ 10,732 $ 68 2023 40,866 166 2024 43,390 161 2025 41,842 10 2026 29,819 — After 2026 39,882 — Total future payments 206,531 405 Less: interest 13,351 12 Total lease liabilities $ 193,180 $ 393
Schedule of Finance Lease Maturities	Maturity of lease liabilities Operating Leases Finance Leases 2022 $ 10,732 $ 68 2023 40,866 166 2024 43,390 161 2025 41,842 10 2026 29,819 — After 2026 39,882 — Total future payments 206,531 405 Less: interest 13,351 12 Total lease liabilities $ 193,180 $ 393

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Amounts Due from and to Affiliates	The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of September 30, As of December 31, 2022 2021 Due from affiliates: Management fees receivable from non-consolidated funds $ 439,961 $ 372,249 Incentive fee receivable from non-consolidated funds 8,134 211,243 Payments made on behalf of and amounts due from non-consolidated funds and employees 113,408 86,891 Due from affiliates—Company $ 561,503 $ 670,383 Amounts due from non-consolidated funds $ 7,736 $ 7,234 Due from affiliates—Consolidated Funds $ 7,736 $ 7,234 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 5,744 $ 10,160 Tax receivable agreement liability 98,975 100,542 Undistributed carried interest and incentive fees 12,724 66,494 Payments made by non-consolidated funds on behalf of and payable by the Company 4,864 21,357 Due to affiliates—Company $ 122,307 $ 198,553

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Earnings per Common Unit	The computation of diluted earnings per share excludes the following AOG Units as their effect would have been anti-dilutive: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Restricted units — 450 — 167 AOG Units — 119,855,724 — 115,394,058
Schedule of the Computation of Basic and Diluted Earnings per Common Unit	The following table presents the computation of basic and diluted earnings per common share: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Basic earnings per share of Class A and non-voting common stock: Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders $ (35,546) $ 84,726 $ 50,048 $ 262,659 Distributions on unvested restricted units (3,555) (1,440) (10,601) (8,142) Undistributed earnings allocable to participating unvested restricted units — (306) — (2,858) Net income (loss) available to Class A and non-voting common stockholders $ (39,101) $ 82,980 $ 39,447 $ 251,659 Basic weighted-average shares of Class A and non-voting common stock 175,631,144 168,931,621 175,010,241 161,071,151 Basic earnings (loss) per share of Class A and non-voting common stock $ (0.22) $ 0.49 $ 0.23 $ 1.55 Diluted earnings per share of Class A and non-voting common stock: Net income (loss) available to Class A and non-voting common stockholders $ (35,546) $ 84,726 $ 50,048 $ 262,659 Distributions on unvested restricted units (3,555) — (10,601) — Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders $ (39,101) $ 84,726 $ 39,447 $ 262,659 Effect of dilutive shares: Restricted units — 12,273,068 — 10,807,242 Options — 5,317,468 — 5,265,045 Diluted weighted-average shares of Class A and non-voting common stock 175,631,144 186,522,157 175,010,241 177,143,438 Diluted earnings (loss) per share of Class A and non-voting common stock $ (0.22) $ 0.45 $ 0.23 $ 1.48 Dividend declared and paid per Class A and non-voting common stock $ 0.61 $ 0.47 $ 1.83 $ 1.41

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	9 Months Ended
EQUITY COMPENSATION (Tables)	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-based Compensation Expense, Net of Assumed Forfeitures	Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Restricted units $ 48,117 $ 36,390 $ 151,403 $ 127,219 Restricted units with a market condition — 29,601 — 63,925 Equity-based compensation expense $ 48,117 $ 65,991 $ 151,403 $ 191,144
Summary of Unvested Restricted Units' Activity	The following table presents unvested restricted units' activity: Restricted Units Weighted Average Balance - January 1, 2022 18,323,036 $ 36.43 Granted 4,050,786 74.62 Vested (5,333,182) 26.89 Forfeited (222,432) 53.83 Balance - September 30, 2022 16,818,208 $ 48.43
Summary of Unvested Options Activity	A summary of options activity during the nine months ended September 30, 2022 is presented below: Options Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Balance - January 1, 2022 6,306,282 $ 19.00 2.3 $ 392,692 Granted — — — Exercised (784,782) 19.00 — — Expired — — — — Forfeited — — — — Balance - September 30, 2022 5,521,500 $ 19.00 1.6 $ 237,148 Exercisable at September 30, 2022 5,521,500 $ 19.00 1.6 $ 237,148

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST (Tables)	9 Months Ended
EQUITY AND REDEEMABLE INTEREST (Tables)	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class	The following table presents the changes in each class of common stock: Class A Common Stock Non-Voting Common Stock Class B Common Stock Class C Common Stock Total Balance - December 31, 2021 168,351,305 3,489,911 1,000 118,609,332 290,451,548 Exchanges of AOG Units 305,040 — — (305,040) — Redemptions of AOG Units — — — (25,000) (25,000) Stock option exercises, net of shares withheld for tax 772,228 — — — 772,228 Vesting of restricted stock awards, net of shares withheld for tax 2,973,864 — — — 2,973,864 Cancellation of AOG Units — — — (4,135) (4,135) Balance - September 30, 2022 172,402,437 3,489,911 1,000 118,275,157 294,168,505
Schedule of Ownership Interests	The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities: Daily Average Ownership As of September 30, 2022 As of December 31, 2021 Three months ended September 30, Nine months ended September 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2022 2021 2022 2021 Ares Management Corporation 175,892,348 59.79 % 171,841,216 59.16 % 59.74 % 58.50 % 59.64 % 58.26 % Ares Owners Holdings, L.P. 118,275,157 40.21 118,609,332 40.84 40.26 41.50 40.36 41.74 Total 294,167,505 100.00 % 290,450,548 100.00 %
Schedule of Redeemable Interests	The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities: Total Balance - December 31, 2021 $ 96,008 Changes in ownership interests and related tax benefits 231 Net income 399 Currency translation adjustment, net of tax (331) Equity compensation 48 Distributions (8) Balance - March 31, 2022 96,347 Changes in ownership interests and related tax benefits (1,445) Net loss (457) Currency translation adjustment, net of tax (996) Equity compensation 77 Distributions (8) Balance- June 30, 2022 93,518 Changes in ownership interests and related tax benefits 1,214 Net income 93 Currency translation adjustment, net of tax (933) Equity compensation 77 Distributions (1,861) Balance- September 30, 2022 $ 92,108 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance - December 31, 2021 $ 1,000,000 Change in redemption value — Balance - March 31, 2022 1,000,000 Change in redemption value — Balance - June 30, 2022 1,000,000 Change in redemption value 4,994 Balance - September 30, 2022 $ 1,004,994

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
SEGMENT REPORTING (Tables)	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Financial Results for Company's Operating Segments, as well as the OMG	The following tables present the financial results for the Company’s operating segments, as well as the OMG: Three months ended September 30, 2022 Credit Group Private Equity Group Real Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 345,871 $ 52,316 $ 91,013 $ 44,385 $ 18,183 $ 551,768 $ — $ 551,768 Fee related performance revenues — — 855 235 — 1,090 — 1,090 Other fees 8,143 556 11,493 — 67 20,259 7,547 27,806 Compensation and benefits (102,839) (26,865) (46,947) (19,191) (7,859) (203,701) (61,084) (264,785) General, administrative and other expenses (18,257) (7,824) (10,032) (3,215) (1,486) (40,814) (41,907) (82,721) Fee related earnings 232,918 18,183 46,382 22,214 8,905 328,602 (95,444) 233,158 Performance income—realized 3,045 — 26,939 — — 29,984 — 29,984 Performance related compensation—realized (1,737) (5) (17,115) (1) — (18,858) — (18,858) Realized net performance income (loss) 1,308 (5) 9,824 (1) — 11,126 — 11,126 Investment income—realized 4,495 8 339 — — 4,842 — 4,842 Interest and other investment income (expense)—realized 8,893 201 2,180 424 1,096 12,794 (171) 12,623 Interest expense (3,904) (4,183) (3,095) (1,753) (5,244) (18,179) (128) (18,307) Realized net investment income (loss) 9,484 (3,974) (576) (1,329) (4,148) (543) (299) (842) Realized income $ 243,710 $ 14,204 $ 55,630 $ 20,884 $ 4,757 $ 339,185 $ (95,743) $ 243,442 Three months ended September 30, 2021 Credit Group Private Equity Group Real Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 271,591 $ 56,817 $ 67,934 $ 41,064 $ 16,544 $ 453,950 $ — $ 453,950 Fee related performance revenues — — 579 — — 579 — 579 Other fees 5,798 370 3,681 — 2 9,851 3,446 13,297 Compensation and benefits (86,502) (23,220) (33,070) (11,955) (5,316) (160,063) (66,107) (226,170) General, administrative and other expenses (14,930) (4,984) (6,674) (2,593) (1,774) (30,955) (28,142) (59,097) Fee related earnings 175,957 28,983 32,450 26,516 9,456 273,362 (90,803) 182,559 Performance income—realized 6,332 34,316 4,114 — — 44,762 — 44,762 Performance related compensation—realized (3,079) (27,483) (2,809) — — (33,371) — (33,371) Realized net performance income 3,253 6,833 1,305 — — 11,391 — 11,391 Investment income—realized 618 1,878 1,841 — 1,025 5,362 — 5,362 Interest and other investment income (expense)—realized 4,716 4,861 918 699 163 11,357 (270) 11,087 Interest expense (2,392) (2,505) (1,904) (427) (4,135) (11,363) (160) (11,523) Realized net investment income (loss) 2,942 4,234 855 272 (2,947) 5,356 (430) 4,926 Realized income $ 182,152 $ 40,050 $ 34,610 $ 26,788 $ 6,509 $ 290,109 $ (91,233) $ 198,876 Nine months ended September 30, 2022 Credit Group Private Equity Group Real Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 972,201 $ 145,669 $ 254,233 $ 135,090 $ 52,377 $ 1,559,570 $ — $ 1,559,570 Fee related performance revenues 12,628 — 2,178 235 — 15,041 — 15,041 Other fees 20,528 1,261 27,924 — 181 49,894 19,721 69,615 Compensation and benefits (301,822) (70,724) (121,183) (45,964) (22,059) (561,752) (196,492) (758,244) General, administrative and other expenses (52,734) (21,992) (28,308) (9,250) (5,575) (117,859) (109,516) (227,375) Fee related earnings 650,801 54,214 134,844 80,111 24,924 944,894 (286,287) 658,607 Performance income—realized 58,941 2,212 78,637 4,156 — 143,946 — 143,946 Performance related compensation—realized (35,675) (1,791) (50,510) (3,515) — (91,491) — (91,491) Realized net performance income 23,266 421 28,127 641 — 52,455 — 52,455 Investment income—realized 6,519 2,283 4,224 — 858 13,884 — 13,884 Interest and other investment income (expense)—realized 21,006 1,898 7,597 3,268 6,613 40,382 (1,450) 38,932 Interest expense (10,856) (11,185) (8,197) (3,775) (16,687) (50,700) (474) (51,174) Realized net investment income (loss) 16,669 (7,004) 3,624 (507) (9,216) 3,566 (1,924) 1,642 Realized income $ 690,736 $ 47,631 $ 166,595 $ 80,245 $ 15,708 $ 1,000,915 $ (288,211) $ 712,704 Nine months ended September 30, 2021 Credit Group Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 764,702 $ 135,930 $ 150,691 $ 53,962 $ 48,963 $ 1,154,248 $ — $ 1,154,248 Fee related performance revenues 1,331 — 1,938 — — 3,269 — 3,269 Other fees 18,494 726 4,604 — 82 23,906 3,446 27,352 Compensation and benefits (253,597) (62,047) (73,438) (16,244) (15,440) (420,766) (158,943) (579,709) General, administrative and other expenses (37,716) (15,351) (14,212) (3,452) (5,580) (76,311) (69,872) (146,183) Fee related earnings 493,214 59,258 69,583 34,266 28,025 684,346 (225,369) 458,977 Performance income—realized 76,924 159,479 10,317 — — 246,720 — 246,720 Performance related compensation—realized (48,619) (127,706) (6,983) — — (183,308) — (183,308) Realized net performance income 28,305 31,773 3,334 — — 63,412 — 63,412 Investment income (loss)—realized 1,858 (4,387) 13,877 — 1,347 12,695 — 12,695 Interest and other investment income—realized 14,354 9,825 4,783 701 2,824 32,487 170 32,657 Interest expense (5,372) (5,434) (4,528) (432) (8,962) (24,728) (397) (25,125) Realized net investment income (loss) 10,840 4 14,132 269 (4,791) 20,454 (227) 20,227 Realized income $ 532,359 $ 91,035 $ 87,049 $ 34,535 $ 23,234 $ 768,212 $ (225,596) $ 542,616
Schedule of Segment Revenue, Expenses and Realized Net Investment Income	The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Segment revenues Management fees $ 551,768 $ 453,950 $ 1,559,570 $ 1,154,248 Fee related performance revenues 1,090 579 15,041 3,269 Other fees 20,259 9,851 49,894 23,906 Performance income—realized 29,984 44,762 143,946 246,720 Total segment revenues $ 603,101 $ 509,142 $ 1,768,451 $ 1,428,143 Segment expenses Compensation and benefits $ 203,701 $ 160,063 $ 561,752 $ 420,766 General, administrative and other expenses 40,814 30,955 117,859 76,311 Performance related compensation—realized 18,858 33,371 91,491 183,308 Total segment expenses $ 263,373 $ 224,389 $ 771,102 $ 680,385 Segment realized net investment income (expense) Investment income—realized $ 4,842 $ 5,362 $ 13,884 $ 12,695 Interest and other investment income —realized 12,794 11,357 40,382 32,487 Interest expense (18,179) (11,363) (50,700) (24,728) Total segment realized net investment income (expense) $ (543) $ 5,356 $ 3,566 $ 20,454
Schedule of Segment Revenues Components	The following table reconciles the Company's consolidated revenues to segment revenue: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Total consolidated revenue $ 801,290 $ 948,719 $ 2,117,719 $ 2,901,926 Performance income—unrealized (170,654) (415,317) (280,037) (1,381,697) Management fees of Consolidated Funds eliminated in consolidation 11,682 11,051 34,523 33,416 Incentive fees of Consolidated Funds eliminated in consolidation — — 34 1,528 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 3,946 4,264 13,030 13,157 Administrative fees (1) (16,099) (15,632) (50,947) (34,754) OMG revenue (7,681) (3,446) (19,974) (3,446) Performance income reclass (2) — 680 (14) 1,285 Principal investment income, net of eliminations (11,582) (14,250) (15,521) (86,477) Net income of non-controlling interests in consolidated subsidiaries (7,801) (6,927) (30,362) (16,795) Total consolidation adjustments and reconciling items (198,189) (439,577) (349,268) (1,473,783) Total segment revenue $ 603,101 $ 509,142 $ 1,768,451 $ 1,428,143 (1) Represents administrative fees from expense reimbursements that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations.
Schedule of Segment Expenses Components	The following table reconciles the Company's consolidated expenses to segment expenses: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Total consolidated expenses $ 898,102 $ 813,267 $ 2,062,654 $ 2,363,108 Performance related compensation-unrealized (124,466) (296,044) (207,115) (1,022,393) Expenses of Consolidated Funds added in consolidation (22,129) (23,206) (63,071) (66,653) Expenses of Consolidated Funds eliminated in consolidation 11,746 11,102 34,948 35,078 Administrative fees (1) (15,574) (15,632) (50,422) (34,754) OMG expenses (102,991) (94,249) (306,008) (228,815) Acquisition and merger-related expense (1,852) (754) (12,046) (18,364) Equity compensation expense (48,041) (65,991) (151,202) (191,144) Acquisition-related compensation expense (2) (96,697) (28,194) (204,189) (32,824) Placement fees (9,729) (32,413) (7,611) (33,740) Depreciation and amortization expense (3) (219,339) (36,668) (297,795) (71,742) Expense of non-controlling interests in consolidated subsidiaries (5,657) (6,829) (27,041) (17,372) Total consolidation adjustments and reconciling items (634,729) (588,878) (1,291,552) (1,682,723) Total segment expenses $ 263,373 $ 224,389 $ 771,102 $ 680,385 (1) Represents administrative fees from expense reimbursements that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Condensed Consolidated Statements of Operations. (3) The three and nine months ended September 30, 2022 include non-cash impairment charges of $181.6 million recorded on certain intangible assets.
Schedule of Segment Other Income (Expense) Components	The following table reconciles the Company's consolidated other income to segment realized net investment income: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Total consolidated other income $ 36,434 $ 111,536 $ 112,932 $ 218,011 Investment (income) loss—unrealized 57 (3,609) 9,995 (60,588) Interest and other investment (income) loss—unrealized (4,600) (1,405) (16,661) 3,057 Other income from Consolidated Funds added in consolidation, net (38,434) (76,287) (132,852) (178,195) Other expense from Consolidated Funds eliminated in consolidation, net (1,922) (4,973) (13,655) (13,783) OMG other expense 3,016 37 8,700 646 Performance income reclass (1) — (680) 14 (1,285) Principal investment income 9,438 20,719 37,421 96,448 Other (income) expense, net (1,060) (34,812) 934 (34,666) Other income of non-controlling interests in consolidated subsidiaries (3,472) (5,170) (3,262) (9,191) Total consolidation adjustments and reconciling items (36,977) (106,180) (109,366) (197,557) Total segment realized net investment income (expense) $ (543) $ 5,356 $ 3,566 $ 20,454 (1) Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations.
Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets	The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Income (loss) before taxes $ (60,378) $ 246,988 $ 167,997 $ 756,829 Adjustments: Depreciation and amortization expense (1) 219,339 36,668 297,795 71,742 Equity compensation expense 47,516 65,991 150,677 191,144 Acquisition-related compensation expense (2) 96,697 28,194 204,189 32,824 Acquisition and merger-related expense 1,852 754 12,046 18,364 Placement fees 9,729 32,413 7,611 33,740 OMG expense, net 98,325 90,840 294,734 226,015 Other (income) expense, net (1,059) (34,812) 934 (34,666) Net income of non-controlling interests in consolidated subsidiaries (5,616) (5,268) (6,583) (8,614) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (16,489) (47,372) (48,897) (102,331) Total performance income—unrealized (170,654) (415,317) (280,037) (1,381,697) Total performance related compensation—unrealized 124,466 296,044 207,115 1,022,393 Total investment income—unrealized (4,543) (5,014) (6,666) (57,531) Realized income 339,185 290,109 1,000,915 768,212 Total performance income—realized (29,984) (44,762) (143,946) (246,720) Total performance related compensation—realized 18,858 33,371 91,491 183,308 Total investment income—realized 543 (5,356) (3,566) (20,454) Fee related earnings $ 328,602 $ 273,362 $ 944,894 $ 684,346 (1) The three and nine months ended September 30, 2022 include non-cash impairment charges of $181.6 million recorded on certain intangible assets. (2) Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Condensed Consolidated Statements of Operations.

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	9 Months Ended
CONSOLIDATION (Tables)	Sep. 30, 2022
Condensed Financial Information Disclosure [Abstract]
Schedule of Interest in VIEs	The Company's interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows: As of September 30, As of December 31, 2022 2021 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs (1) $ 377,935 $ 353,768 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs (1) 533,941 583,192 Assets of consolidated VIEs 12,501,069 13,197,321 Liabilities of consolidated VIEs 11,173,216 12,018,655 (1) As of September 30, 2022 and December 31, 2021, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $82.2 million and $103.8 million, respectively. Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Net income attributable to non-controlling interests related to consolidated VIEs $ 8,733 $ 38,597 $ 28,470 $ 84,285
Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition, results from operations and cash flows: As of September 30, 2022 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 361,500 $ — $ — $ 361,500 Investments (includes $3,290,381 of accrued carried interest) 4,638,092 — (525,699) 4,112,393 Due from affiliates 744,981 — (183,478) 561,503 Other assets 275,189 — — 275,189 Right-of-use operating lease assets 159,686 — — 159,686 Intangible assets, net 1,238,108 — — 1,238,108 Goodwill 996,740 — — 996,740 Assets of Consolidated Funds Cash and cash equivalents — 683,976 — 683,976 U.S. Treasury securities, at fair value — 1,005,094 — 1,005,094 Investments, at fair value — 11,564,696 4,495 11,569,191 Due from affiliates — 17,537 (9,801) 7,736 Receivable for securities sold — 189,823 — 189,823 Other assets — 45,387 — 45,387 Total assets $ 8,414,296 $ 13,506,513 $ (714,483) $ 21,206,326 Liabilities Accounts payable, accrued expenses and other liabilities $ 314,932 $ — $ (9,801) $ 305,131 Accrued compensation 595,330 — — 595,330 Due to affiliates 122,307 — — 122,307 Performance related compensation payable 2,402,019 — — 2,402,019 Debt obligations 2,018,462 — — 2,018,462 Operating lease liabilities 193,180 — — 193,180 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 123,527 (1,533) 121,994 Due to affiliates — 178,983 (178,983) — Payable for securities purchased — 419,726 — 419,726 CLO loan obligations, at fair value — 10,343,840 (29,959) 10,313,881 Fund borrowings — 149,546 — 149,546 Total liabilities 5,646,230 11,215,622 (220,276) 16,641,576 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,004,994 — 1,004,994 Redeemable interest in Ares Operating Group entities 92,108 — — 92,108 Non-controlling interest in Consolidated Funds — 1,285,897 (451,187) 834,710 Non-controlling interest in Ares Operating Group entities 1,138,659 — (17,382) 1,121,277 Stockholders' Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (172,402,437 shares issued and outstanding) 1,724 — — 1,724 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (118,275,157 shares issued and outstanding) 1,183 — — 1,183 Additional paid-in-capital 1,937,374 — (25,638) 1,911,736 Accumulated deficit (374,198) — — (374,198) Accumulated other comprehensive loss, net of tax (28,819) — — (28,819) Total stockholders' equity 1,537,299 — (25,638) 1,511,661 Total equity 2,675,958 1,285,897 (494,207) 3,467,648 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,414,296 $ 13,506,513 $ (714,483) $ 21,206,326 As of December 31, 2021 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 343,655 $ — $ — $ 343,655 Investments (includes $2,998,421 of accrued carried interest) 4,271,836 — (587,572) 3,684,264 Due from affiliates 696,963 — (26,580) 670,383 Other assets 338,685 — (3,930) 334,755 Right-of-use operating lease assets 167,652 — — 167,652 Intangible assets, net 1,422,818 — — 1,422,818 Goodwill 787,972 — — 787,972 Assets of Consolidated Funds Cash and cash equivalents — 1,049,191 — 1,049,191 U.S. Treasury securities, at fair value — 1,000,285 — 1,000,285 Investments, at fair value — 11,812,093 4,300 11,816,393 Due from affiliates — 16,761 (9,527) 7,234 Receivable for securities sold — 281,132 — 281,132 Other assets — 39,430 — 39,430 Total assets $ 8,029,581 $ 14,198,892 $ (623,309) $ 21,605,164 Liabilities Accounts payable, accrued expenses and other liabilities $ 289,200 $ — $ (9,527) $ 279,673 Accrued compensation 310,222 — — 310,222 Due to affiliates 198,553 — — 198,553 Performance related compensation payable 2,190,352 — — 2,190,352 Debt obligations 1,503,709 — — 1,503,709 Operating lease liabilities 205,075 — — 205,075 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 117,139 (13,881) 103,258 Due to affiliates — 26,210 (26,210) — Payable for securities purchased — 1,118,456 — 1,118,456 CLO loan obligations, at fair value — 10,698,681 (41,020) 10,657,661 Fund borrowings — 127,771 — 127,771 Total liabilities 4,697,111 12,088,257 (90,638) 16,694,730 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,000,000 — 1,000,000 Redeemable interest in Ares Operating Group entities 96,008 — — 96,008 Non-controlling interest in Consolidated Funds — 1,110,635 (519,183) 591,452 Non-controlling interest in Ares Operating Group entities 1,403,255 — (5,508) 1,397,747 Stockholders' Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (168,351,305 shares issued and outstanding) 1,684 — — 1,684 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (118,609,332 shares issued and outstanding) 1,186 — — 1,186 Additional paid-in-capital 1,921,539 — (7,980) 1,913,559 Accumulated deficit (89,382) — — (89,382) Accumulated other comprehensive loss, net of tax (1,855) — — (1,855) Total stockholders' equity 1,833,207 — (7,980) 1,825,227 Total equity 3,236,462 1,110,635 (532,671) 3,814,426 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,029,581 $ 14,198,892 $ (623,309) $ 21,605,164
Schedule of Results from Operations	Three months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 560,140 $ — $ (11,682) $ 548,458 Carried interest allocation 192,186 — — 192,186 Incentive fees 8,882 — — 8,882 Principal investment income 9,438 — 2,144 11,582 Administrative, transaction and other fees 44,128 — (3,946) 40,182 Total revenues 814,774 — (13,484) 801,290 Expenses Compensation and benefits 425,419 — — 425,419 Performance related compensation 142,934 — — 142,934 General, administrative and other expense 319,366 — (14) 319,352 Expenses of the Consolidated Funds — 22,129 (11,732) 10,397 Total expenses 887,719 22,129 (11,746) 898,102 Other income (expense) Net realized and unrealized gains on investments 5,433 — (1,002) 4,431 Interest and dividend income 5,820 — (3,734) 2,086 Interest expense (18,307) — — (18,307) Other income, net 3,132 — (531) 2,601 Net realized and unrealized losses on investments of the Consolidated Funds — (3,760) 3,730 (30) Interest and other income of the Consolidated Funds — 157,884 531 158,415 Interest expense of the Consolidated Funds — (115,690) 2,928 (112,762) Total other income (expense), net (3,922) 38,434 1,922 36,434 Income (loss) before taxes (76,867) 16,305 184 (60,378) Income tax expense (benefit) (11,748) 149 — (11,599) Net income (loss) (65,119) 16,156 184 (48,779) Less: Net income attributable to non-controlling interests in Consolidated Funds — 16,156 184 16,340 Net loss attributable to Ares Operating Group entities (65,119) — — (65,119) Less: Net income attributable to redeemable interest in Ares Operating Group entities 93 — — 93 Less: Net loss attributable to non-controlling interests in Ares Operating Group entities (29,666) — — (29,666) Net loss attributable to Ares Management Corporation Class A and non-voting common stockholders $ (35,546) $ — $ — $ (35,546) Three months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 459,313 $ — $ (11,051) $ 448,262 Carried interest allocation 460,651 — — 460,651 Incentive fees 696 — — 696 Principal investment income 20,719 — (6,469) 14,250 Administrative, transaction and other fees 29,124 — (4,264) 24,860 Total revenues 970,503 — (21,784) 948,719 Expenses Compensation and benefits 335,569 — — 335,569 Performance related compensation 331,141 — — 331,141 General, administrative and other expense 134,453 — — 134,453 Expenses of the Consolidated Funds — 23,206 (11,102) 12,104 Total expenses 801,163 23,206 (11,102) 813,267 Other income (expense) Net realized and unrealized gains on investments 2,759 — 5,575 8,334 Interest and dividend income 2,702 — (1,326) 1,376 Interest expense (11,523) — — (11,523) Other income, net 36,338 — 316 36,654 Net realized and unrealized gains on investments of the Consolidated Funds — 36,695 (2,450) 34,245 Interest and other income of the Consolidated Funds — 104,344 (316) 104,028 Interest expense of the Consolidated Funds — (64,752) 3,174 (61,578) Total other income, net 30,276 76,287 4,973 111,536 Income before taxes 199,616 53,081 (5,709) 246,988 Income tax expense 30,273 2 — 30,275 Net income 169,343 53,079 (5,709) 216,713 Less: Net income attributable to non-controlling interests in Consolidated Funds — 53,079 (5,709) 47,370 Net income attributable to Ares Operating Group entities 169,343 — — 169,343 Less: Net income attributable to redeemable interest in Ares Operating Group entities 324 — — 324 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 84,293 — — 84,293 Net income attributable to Ares Management Corporation Class A common stockholders $ 84,726 $ — $ — $ 84,726 Nine months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,580,873 $ — $ (34,523) $ 1,546,350 Carried interest allocation 417,779 — — 417,779 Incentive fees 30,013 — (34) 29,979 Principal investment income 37,421 — (21,900) 15,521 Administrative, transaction and other fees 121,120 — (13,030) 108,090 Total revenues 2,187,206 — (69,487) 2,117,719 Expenses Compensation and benefits 1,155,031 — — 1,155,031 Performance related compensation 316,818 — — 316,818 General, administrative and other expense 562,682 — (241) 562,441 Expenses of the Consolidated Funds — 63,071 (34,707) 28,364 Total expenses 2,034,531 63,071 (34,948) 2,062,654 Other income (expense) Net realized and unrealized gains (losses) on investments (9,926) — 20,691 10,765 Interest and dividend income 17,605 — (12,541) 5,064 Interest expense (51,174) — — (51,174) Other income, net 9,920 — 274 10,194 Net realized and unrealized gains on investments of the Consolidated Funds — 12,445 (4,414) 8,031 Interest and other income of the Consolidated Funds — 396,354 (274) 396,080 Interest expense of the Consolidated Funds — (275,947) 9,919 (266,028) Total other income (expense) (33,575) 132,852 13,655 112,932 Income before taxes 119,100 69,781 (20,884) 167,997 Income tax expense 22,075 197 — 22,272 Net income 97,025 69,584 (20,884) 145,725 Less: Net income attributable to non-controlling interests in Consolidated Funds — 69,584 (20,884) 48,700 Net income attributable to Ares Operating Group entities 97,025 — — 97,025 Less: Net income attributable to redeemable interest in Ares Operating Group entities 35 — — 35 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 46,942 — — 46,942 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 50,048 $ — $ — $ 50,048 Nine months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,169,237 $ — $ (33,416) $ 1,135,821 Carried interest allocation 1,610,707 — — 1,610,707 Incentive fees 20,948 — (1,528) 19,420 Principal investment income 96,448 — (9,971) 86,477 Administrative, transaction and other fees 62,658 — (13,157) 49,501 Total revenues 2,959,998 — (58,072) 2,901,926 Expenses Compensation and benefits 837,108 — — 837,108 Performance related compensation 1,208,954 — — 1,208,954 General, administrative and other expense 285,471 — — 285,471 Expenses of the Consolidated Funds — 66,653 (35,078) 31,575 Total expenses 2,331,533 66,653 (35,078) 2,363,108 Other income (expense) Net realized and unrealized gains on investments 10,602 — 8,142 18,744 Interest and dividend income 9,695 — (2,877) 6,818 Interest expense (25,125) — — (25,125) Other income, net 30,861 — (175) 30,686 Net realized and unrealized gains on investments of the Consolidated Funds — 46,541 (1,821) 44,720 Interest and other income of the Consolidated Funds — 333,570 175 333,745 Interest expense of the Consolidated Funds — (201,916) 10,339 (191,577) Total other income 26,033 178,195 13,783 218,011 Income before taxes 654,498 111,542 (9,211) 756,829 Income tax expense 104,411 76 — 104,487 Net income 550,087 111,466 (9,211) 652,342 Less: Net income attributable to non-controlling interests in Consolidated Funds — 111,466 (9,211) 102,255 Net income attributable to Ares Operating Group entities 550,087 — — 550,087 Less: Net income attributable to redeemable interest in Ares Operating Group entities 693 — — 693 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 264,646 — — 264,646 Net income attributable to Ares Management Corporation 284,748 — — 284,748 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Less: Series A Preferred Stock redemption premium 11,239 — — 11,239 Net income attributable to Ares Management Corporation Class A common stockholders $ 262,659 $ — $ — $ 262,659
Schedule of Cash Flows	Nine months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 97,025 $ 69,584 $ (20,884) $ 145,725 Adjustments to reconcile net income to net cash provided by operating activities 382,823 — (61,873) 320,950 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (1,132,839) 4,414 (1,128,425) Cash flows due to changes in operating assets and liabilities 160,957 — 152,692 313,649 Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds — (427,022) 231,518 (195,504) Net cash provided by (used in) operating activities 640,805 (1,490,277) 305,867 (543,605) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (28,388) — — (28,388) Acquisitions, net of cash acquired (301,658) — — (301,658) Net cash used in investing activities (330,046) — — (330,046) Cash flows from financing activities: Proceeds from Credit Facility 940,000 — — 940,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (910,000) — — (910,000) Dividends and distributions (608,220) — — (608,220) Stock option exercises 14,531 — — 14,531 Taxes paid related to net share settlement of equity awards (194,223) — — (194,223) Other financing activities 2,457 — — 2,457 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 362,752 (64,106) 298,646 Distributions to non-controlling interests in Consolidated Funds — (227,886) 123,454 (104,432) Borrowings under loan obligations by Consolidated Funds — 1,120,680 — 1,120,680 Repayments under loan obligations by Consolidated Funds — (121,273) — (121,273) Net cash provided by (used in) financing activities (266,540) 1,134,273 59,348 927,081 Effect of exchange rate changes (26,374) (9,211) — (35,585) Net change in cash and cash equivalents 17,845 (365,215) 365,215 17,845 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 361,500 $ 683,976 $ (683,976) $ 361,500 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisitions $ 12,835 $ — $ — $ 12,835 Nine months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 550,087 $ 111,466 $ (9,211) $ 652,342 Adjustments to reconcile net income to net cash provided by (used in) operating activities (28,467) — 99,600 71,133 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (1,697,529) 9,444 (1,688,085) Cash flows due to changes in operating assets and liabilities (153,361) — 3,923 (149,438) Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 343,253 (1,072,956) (729,703) Net cash provided by (used in) operating activities 368,259 (1,242,810) (969,200) (1,843,751) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (15,152) — — (15,152) Acquisitions, net of cash acquired (1,057,426) — — (1,057,426) Net cash used in investing activities (1,072,578) — — (1,072,578) Cash flows from financing activities: Net proceeds from issuance of Class A and non-voting common stock 827,430 — — 827,430 Proceeds from Credit Facility 468,000 — — 468,000 Proceeds from subordinated notes 450,000 — — 450,000 Repayments of Credit Facility (318,000) — — (318,000) Dividends and distributions (438,568) — — (438,568) Series A Preferred Stock dividends (10,850) — — (10,850) Redemption of Series A Preferred Stock (310,000) — — (310,000) Stock option exercises 27,409 — — 27,409 Taxes paid related to net share settlement of equity awards (221,287) — — (221,287) Other financing activities 1,976 — — 1,976 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 1,027,454 (107,788) 919,666 Distributions to non-controlling interests in Consolidated Funds — (102,701) 17,931 (84,770) Borrowings under loan obligations by Consolidated Funds — 1,456,887 — 1,456,887 Repayments under loan obligations by Consolidated Funds — (74,909) — (74,909) Net cash provided by financing activities 476,110 2,306,731 (89,857) 2,692,984 Effect of exchange rate changes (15,899) (4,864) — (20,763) Net change in cash and cash equivalents (244,108) 1,059,057 (1,059,057) (244,108) Cash and cash equivalents, beginning of period 539,812 522,377 (522,377) 539,812 Cash and cash equivalents, end of period $ 295,704 $ 1,581,434 $ (1,581,434) $ 295,704 Supplemental disclosure of non-cash financing activities Issuance of AOG Units in connection with acquisitions $ 511,069 $ — $ — $ 511,069

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands			9 Months Ended
	Feb. 10, 2022	Jun. 02, 2021	Sep. 30, 2022	Dec. 31, 2021	Jul. 01, 2021
Asset Acquisition [Line Items]
Goodwill			$ 996,740	$ 787,972
Landmark Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage		100%
Business combination, consideration transferred		$ 1,102,729
Goodwill		417,657
Cash		803,309
Equity consideration transferred		299,420
Landmark Acquisition \| Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 425,900
Acquired finite lived intangible assets useful life		7 years 4 months 24 days
Landmark Acquisition \| Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 197,200
Acquired finite lived intangible assets useful life		11 years 9 months 18 days
Landmark Acquisition \| Trade name
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 86,200
Black Creek Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage					100%
Infrastructure Debt Acquisition
Asset Acquisition [Line Items]
Business combination, consideration transferred	$ 328,600
Cash	315,800
Equity consideration transferred	$ 12,800
Infrastructure Debt Acquisition \| Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense			68,700
Infrastructure Debt Acquisition \| Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense			$ 32,800

BUSINESS COMBINATIONS - Acquisi

BUSINESS COMBINATIONS - Acquisition Date Fair Value (Details) - Landmark Acquisition $ in Thousands	Jun. 02, 2021 USD ($) shares
Asset Acquisition [Line Items]
Cash	$ 803,309
Equity	299,420
Total	$ 1,102,729
Ares Operating Group
Asset Acquisition [Line Items]
Equity interest issued or issuable (in shares) \| shares	5,415,278

BUSINESS COMBINATIONS - Fair Va

BUSINESS COMBINATIONS - Fair Value of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Jun. 02, 2021
Intangible assets:
Goodwill	$ 996,740	$ 787,972
Landmark Acquisition
Asset Acquisition [Line Items]
Cash			$ 25,645
Other tangible assets			23,403
Intangible assets:
Total intangible assets			709,240
Total identifiable assets acquired			758,288
Accounts payable, accrued expenses and other liabilities			73,216
Net identifiable assets acquired			685,072
Goodwill			417,657
Net assets acquired			1,102,729
Landmark Acquisition \| Management contracts
Intangible assets:
Total intangible assets			425,880
Landmark Acquisition \| Client relationships
Intangible assets:
Total intangible assets			197,160
Landmark Acquisition \| Trade name
Intangible assets:
Total intangible assets			$ 86,200

BUSINESS COMBINATIONS - Supplem

BUSINESS COMBINATIONS - Supplemental Information on Unaudited Pro Forma (Details) - Landmark Acquisition - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues	$ 948,719	$ 2,966,540
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 87,542	$ 257,361

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 859,957	$ 882,817
Foreign currency translation	(2,972)	1,792
Total finite-lived intangible assets	856,985	884,609
Less: accumulated amortization	(186,677)	(115,791)
Finite-lived intangible assets, net	670,308	768,818
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	567,800	654,000
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	1,238,108	1,422,818
Management contracts
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	567,800	567,800
Trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 0	86,200
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	5 years 2 months 12 days
Finite-lived intangible assets	$ 586,077	641,737
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	9 years 10 months 24 days
Finite-lived intangible assets	$ 262,301	229,501
Trade name
Finite-lived intangible assets, net
Weighted average amortization period	7 years 9 months 18 days
Finite-lived intangible assets	$ 11,079	11,079
Other
Finite-lived intangible assets, net
Weighted average amortization period	2 years 1 month 6 days
Finite-lived intangible assets	$ 500	$ 500

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jun. 02, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)		$ 181,600,000		$ 181,600,000
Impaired and fully amortized intangibles, amount removed during the period				210,600,000
Purchase price to goodwill				213,328,000
Reallocation				0
Goodwill impairment				0	$ 0
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)		86,200,000
Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)		88,400,000
Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price to goodwill				213,424,000
Reallocation				10,530,000
From Private Equity Group To Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation				10,500,000
From Real Estate Group To Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation				53,300,000
General, administrative and other expense
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense		32,700,000	$ 32,800,000	101,500,000	$ 60,700,000
Infrastructure Debt Acquisition \| Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price to goodwill				213,400,000
Infrastructure Debt Acquisition \| Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense				$ 68,700,000
Estimated useful lives, intangible assets				5 years 2 months 12 days
Infrastructure Debt Acquisition \| Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense				$ 32,800,000
Estimated useful lives, intangible assets				8 years 4 months 24 days
Landmark Acquisition \| Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)		3,700,000
Landmark Acquisition \| Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 425,900,000
Landmark Acquisition \| Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 197,200,000
Black Creek Acquisition \| Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)		3,100,000
SSG Acquisition \| Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)		$ 200,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 787,972
Acquisitions	213,328
Reallocation	0
Foreign currency translation	(4,560)
Goodwill, ending balance	996,740
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196
Acquisitions	0
Reallocation	0
Foreign currency translation	0
Goodwill, ending balance	32,196
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance	58,600
Acquisitions	0
Reallocation	(10,530)
Foreign currency translation	0
Goodwill, ending balance	48,070
Real Assets Group
Goodwill [Roll Forward]
Goodwill, beginning balance	53,339
Acquisitions	213,424
Reallocation	10,530
Foreign currency translation	0
Goodwill, ending balance	277,293
Secondaries Group
Goodwill [Roll Forward]
Goodwill, beginning balance	417,738
Acquisitions	(96)
Reallocation	0
Foreign currency translation	(35)
Goodwill, ending balance	417,607
Strategic Initiatives
Goodwill [Roll Forward]
Goodwill, beginning balance	226,099
Acquisitions	0
Reallocation	0
Foreign currency translation	(4,525)
Goodwill, ending balance	$ 221,574

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments (Details) - Ares Management L.P - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments
Equity method private investment partnership interests and other	$ 8,227	$ 8,591
Other fixed income	248,338	171,377
Common stock, at fair value	194,286	110,389
Total investments	4,112,393	3,684,264
Partnership Interests
Investments
Equity method investments:	$ 3,989,554	$ 3,630,427
Percentage of total investments	97%	98.60%
Collateralized loan obligations and other fixed income
Investments
Collateralized loan obligations	$ 45,825	$ 52,397
Percentage of total investments	1%	1.30%
Other fixed income
Investments
Other fixed income	$ 21,582	$ 21,582
Percentage of total investments	0.40%	0.50%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 24,243	$ 30,815
Percentage of total investments	0.60%	0.80%
Common stock, at fair value
Investments
Common stock, at fair value	$ 77,014	$ 1,440
Percentage of total investments	2%	0.10%
Equity method - carried interest
Investments
Equity method investments:	$ 3,290,381	$ 2,998,421
Percentage of total investments	80%	81.40%
Partnership Interests
Investments
Equity method investments:	$ 526,110	$ 473,887
Percentage of total investments	12.80%	12.90%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 125,499	$ 117,539
Percentage of total investments	3%	3.20%
Equity method private investment partnership interests and other
Investments
Equity method private investment partnership interests and other	$ 47,564	$ 40,580
Percentage of total investments	1.20%	1.10%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Summary of Investment Holdings [Line Items]
Equity method investments net loss and net gains	$ 16.2	$ 18.9	$ 25.1	$ 99.3
Consolidated Funds
Summary of Investment Holdings [Line Items]
Percent of total assets	5%		5%		5%

INVESTMENTS - Investments of th

INVESTMENTS - Investments of the Consolidated Funds (Details) - Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investments
Total investments, at fair value	$ 12,574,285	$ 12,816,678
Fixed income investments:
Investments
Total investments, at fair value	$ 10,742,865	$ 11,768,099
Percentage of total investments	85.40%	91.80%
Fixed income investments: \| Bonds
Investments
Total investments, at fair value	$ 751,385	$ 857,125
Percentage of total investments	6%	6.70%
Fixed income investments: \| Loans
Investments
Total investments, at fair value	$ 8,986,386	$ 9,910,689
Percentage of total investments	71.40%	77.30%
Fixed income investments: \| U.S. Treasury securities
Investments
Total investments, at fair value	$ 1,005,094	$ 1,000,285
Percentage of total investments	8%	7.80%
Equity securities
Investments
Total investments, at fair value	$ 698,236	$ 340,272
Percentage of total investments	5.60%	2.70%
Partnership interests
Investments
Total investments, at fair value	$ 1,133,184	$ 708,307
Percentage of total investments	9%	5.50%

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 10,742,865	$ 11,768,099
Common stock and other equity securities	698,236	340,272
Partnership interests	1,133,184	708,307
Total investments, at fair value	12,574,285	12,816,678
Derivatives-foreign currency forward contracts	536
Total assets, at fair value	12,574,821	12,816,678
Liabilities, at fair value
Derivative liabilities	(5,849)	(20,927)
Loan obligations of CLOs	(10,313,881)	(10,657,661)
Total liabilities, at fair value	(10,319,730)	(10,678,588)
Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	536
Liabilities, at fair value
Derivative liabilities	(496)	(17,822)
Consolidated Funds \| Warrants
Liabilities, at fair value
Derivative liabilities	(2,000)
Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	(3,353)	(3,105)
Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	751,385	857,125
Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	8,986,386	9,910,689
Consolidated Funds \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	1,005,094	1,000,285
Consolidated Funds \| Level I
Assets, at fair value
Collateralized loan obligations and other fixed income	1,005,094	1,000,285
Common stock and other equity securities	646	956
Partnership interests	0	0
Total investments, at fair value	1,005,740
Derivatives-foreign currency forward contracts	0
Total assets, at fair value	1,005,740	1,001,241
Liabilities, at fair value
Derivative liabilities	(2,000)	(17,822)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(2,000)	(17,822)
Consolidated Funds \| Level I \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0	(17,822)
Consolidated Funds \| Level I \| Warrants
Liabilities, at fair value
Derivative liabilities	(2,000)
Consolidated Funds \| Level I \| Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level I \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Level I \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Level I \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	1,005,094	1,000,285
Consolidated Funds \| Level II
Assets, at fair value
Collateralized loan obligations and other fixed income	8,817,162	10,024,862
Common stock and other equity securities	0	133
Partnership interests	0	0
Total investments, at fair value	8,817,162
Derivatives-foreign currency forward contracts	536
Total assets, at fair value	8,817,698	10,024,995
Liabilities, at fair value
Derivative liabilities	(496)	0
Loan obligations of CLOs	(10,313,881)	(10,657,661)
Total liabilities, at fair value	(10,314,377)	(10,657,661)
Consolidated Funds \| Level II \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	536
Liabilities, at fair value
Derivative liabilities	(496)	0
Consolidated Funds \| Level II \| Warrants
Liabilities, at fair value
Derivative liabilities	0
Consolidated Funds \| Level II \| Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level II \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	495,501	525,393
Consolidated Funds \| Level II \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	8,321,661	9,499,469
Consolidated Funds \| Level II \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Level III
Assets, at fair value
Collateralized loan obligations and other fixed income	920,609	742,952
Common stock and other equity securities	526,051	339,183
Partnership interests	252,634	238,673
Total investments, at fair value	1,699,294
Derivatives-foreign currency forward contracts	0
Total assets, at fair value	1,699,294	1,320,808
Liabilities, at fair value
Derivative liabilities	(3,353)	(3,105)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(3,353)	(3,105)
Consolidated Funds \| Level III \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level III \| Warrants
Liabilities, at fair value
Derivative liabilities	0
Consolidated Funds \| Level III \| Asset swaps
Liabilities, at fair value
Derivative liabilities	(3,353)	(3,105)
Consolidated Funds \| Level III \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	255,884	331,732
Consolidated Funds \| Level III \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	664,725	411,220
Consolidated Funds \| Level III \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Investments Measured at NAV
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Common stock and other equity securities	171,539	0
Partnership interests	880,550	469,634
Total investments, at fair value	1,052,089
Derivatives-foreign currency forward contracts	0
Total assets, at fair value	1,052,089	469,634
Liabilities, at fair value
Derivative liabilities	0	0
Loan obligations of CLOs	0	0
Total liabilities, at fair value	0	0
Consolidated Funds \| Investments Measured at NAV \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Investments Measured at NAV \| Warrants
Liabilities, at fair value
Derivative liabilities	0
Consolidated Funds \| Investments Measured at NAV \| Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Investments Measured at NAV \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Investments Measured at NAV \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Investments Measured at NAV \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	194,286	110,389
Partnership interests	8,227	8,591
Total investments, at fair value	248,338	171,377
Total assets, at fair value	257,585	177,059
Liabilities, at fair value
Derivative liabilities		(328)
Contingent consideration	(11,000)	(57,435)
Total liabilities, at fair value	(17,581)	(57,763)
Ares Management L.P \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	9,247
Ares Management L.P \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts		5,682
Liabilities, at fair value
Derivative liabilities	(6,581)
Ares Management L.P \| Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	45,825	52,397
Ares Management L.P \| Level I
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	0	0
Total investments, at fair value	0	0
Total assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration	0	0
Total liabilities, at fair value	0	0
Ares Management L.P \| Level I \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Ares Management L.P \| Level I \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts		0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level I \| Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P \| Level II
Assets, at fair value
Common stock and other equity securities	77,014	1,440
Partnership interests	0	0
Total investments, at fair value	77,014	1,440
Total assets, at fair value	86,261	7,122
Liabilities, at fair value
Derivative liabilities		(328)
Contingent consideration	0	0
Total liabilities, at fair value	(6,581)	(328)
Ares Management L.P \| Level II \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	9,247
Ares Management L.P \| Level II \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts		5,682
Liabilities, at fair value
Derivative liabilities	(6,581)
Ares Management L.P \| Level II \| Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P \| Level III
Assets, at fair value
Common stock and other equity securities	117,272	108,949
Partnership interests	2,575	2,575
Total investments, at fair value	165,672	163,921
Total assets, at fair value	165,672	163,921
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration	(11,000)	(57,435)
Total liabilities, at fair value	(11,000)	(57,435)
Ares Management L.P \| Level III \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Ares Management L.P \| Level III \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts		0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level III \| Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	45,825	52,397
Ares Management L.P \| Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	5,652	6,016
Total investments, at fair value	5,652	6,016
Total assets, at fair value	5,652	6,016
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration	0	0
Total liabilities, at fair value	0	0
Ares Management L.P \| Investments Measured at NAV \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Ares Management L.P \| Investments Measured at NAV \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts		0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Investments Measured at NAV \| Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 0	$ 0

FAIR VALUE - Changes in Fair Va

FAIR VALUE - Changes in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 1,804,256	$ 938,346	$ 1,317,703	$ 996,265
Transfer in due to changes in consolidation				49,483
Transfer in	171,687	18,792	321,939	50,013
Transfer out	(350,079)	(209,282)	(213,658)	(216,210)
Purchases	253,535	246,526	776,333	486,627
Sales/settlements	(154,618)	(118,272)	(487,176)	(403,581)
Realized and unrealized appreciation(depreciation), net	(29,361)	21,788	(20,474)	33,196
Amortized discounts/premiums	521	394	1,274	1,465
Balance, end of period	1,695,941	898,292	1,695,941	898,292
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(7,929)	16,736	(47,977)	26,521
Consolidated Funds \| Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	480,914	229,300	339,183	221,043
Transfer in due to changes in consolidation				(157)
Transfer in	0	0	0	2,195
Transfer out	0	0	0	(33)
Purchases	49,024	27,346	166,667	36,201
Sales/settlements	(64)	(313)	(28,444)	(876)
Realized and unrealized appreciation(depreciation), net	(3,823)	2,913	48,645	872
Amortized discounts/premiums	0	0	0	1
Balance, end of period	526,051	259,246	526,051	259,246
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(3,836)	2,912	22,304	790
Consolidated Funds \| Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	1,076,254	455,426	742,952	542,305
Transfer in due to changes in consolidation				49,326
Transfer in	171,687	18,792	321,939	47,818
Transfer out	(350,079)	(209,282)	(213,658)	(216,177)
Purchases	173,253	219,180	551,408	437,426
Sales/settlements	(132,226)	(88,584)	(405,904)	(371,006)
Realized and unrealized appreciation(depreciation), net	(18,801)	6,750	(77,402)	10,172
Amortized discounts/premiums	521	394	1,274	1,464
Balance, end of period	920,609	402,676	920,609	402,676
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(9,067)	1,607	(69,982)	2,700
Consolidated Funds \| Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	250,123	255,278	238,673	231,857
Transfer in due to changes in consolidation				0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	31,258	0	58,258	13,000
Sales/settlements	(22,328)	(30,000)	(52,828)	(32,000)
Realized and unrealized appreciation(depreciation), net	(6,419)	12,280	8,531	24,701
Amortized discounts/premiums	0	0	0	0
Balance, end of period	252,634	237,558	252,634	237,558
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	5,421	12,280	344	24,701
Consolidated Funds \| Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(3,035)	(1,658)	(3,105)	1,060
Transfer in due to changes in consolidation				0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	0	0	0	0
Sales/settlements	0	625	0	301
Realized and unrealized appreciation(depreciation), net	(318)	(155)	(248)	(2,549)
Amortized discounts/premiums	0	0	0	0
Balance, end of period	(3,353)	(1,188)	(3,353)	(1,188)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(447)	(63)	(643)	(1,670)
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	152,064	165,655	106,486	144,336
Purchases(1)		(34,200)		(34,200)
Change in fair value	(252)		(1,438)
Transfer in due to changes in consolidation			1,491	(7,623)
Purchases	894	708	894	20,967
Sales/settlements	(1,684)	(2,904)	43,164	(12,120)
Realized and unrealized appreciation(depreciation), net	3,650	(5,393)	4,075	(2,740)
Balance, end of period	154,672	123,866	154,672	123,866
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	6,833	(5,381)	4,703	(4,191)
Ares Management L.P \| Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	113,881	107,240	108,949	88,412
Purchases(1)		0		0
Change in fair value	0		0
Transfer in due to changes in consolidation			1,491	0
Purchases	894	0	894	19,278
Sales/settlements	(1,179)	0	(2,326)	0
Realized and unrealized appreciation(depreciation), net	3,676	1,157	8,264	707
Balance, end of period	117,272	108,397	117,272	108,397
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	7,111	1,157	10,330	707
Ares Management L.P \| Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	46,356	55,840	52,397	53,349
Purchases(1)		0		0
Change in fair value	0		0
Transfer in due to changes in consolidation			0	(7,623)
Purchases	0	708	0	1,689
Sales/settlements	(505)	(2,904)	(2,383)	(12,120)
Realized and unrealized appreciation(depreciation), net	(26)	663	(4,189)	3,766
Balance, end of period	45,825	54,307	45,825	54,307
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(26)	675	(4,189)	2,315
Ares Management L.P \| Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	2,575	2,575	2,575	2,575
Purchases(1)		0		0
Change in fair value	0		0
Transfer in due to changes in consolidation			0	0
Purchases	0	0	0	0
Sales/settlements	0	0	0	0
Realized and unrealized appreciation(depreciation), net	0	0	0	0
Balance, end of period	2,575	2,575	2,575	2,575
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	0	0	0	0
Ares Management L.P \| Contingent Consideration
Level III Liabilities of the Company
Balance, beginning of period	(10,748)	0	(57,435)	0
Purchases(1)		(34,200)		(34,200)
Transfer in due to changes in consolidation			0	0
Change in fair value	(252)		(1,438)
Purchases	0	0	0	0
Sales/settlements	0	0	47,873	0
Realized and unrealized appreciation (depreciation), net	0	(7,213)	0	(7,213)
Balance, end of period	(11,000)	(41,413)	(11,000)	(41,413)
Change in net unrealized appreciation and fair value included in earnings related to financial liabilities still held at the reporting date	$ (252)	$ (7,213)	$ (1,438)	$ (7,213)

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details) $ in Thousands	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Consolidated Funds
Assets
Equity securities	$ 698,236	$ 340,272
Partnership interests	1,133,184	708,307
Collateralized loan obligations	10,313,881	10,657,661
Other fixed income	10,742,865	11,768,099
Total assets, at fair value	12,574,821	12,816,678
Liabilities
Derivative instruments	(5,849)	(20,927)
Total liabilities, at fair value	(10,319,730)	(10,678,588)
Consolidated Funds \| Level III
Assets
Equity securities	526,051	339,183
Partnership interests	252,634	238,673
Collateralized loan obligations	0	0
Other fixed income	920,609	742,952
Total assets, at fair value	1,699,294	1,320,808
Liabilities
Derivative instruments	(3,353)	(3,105)
Total liabilities, at fair value	(3,353)	(3,105)
Consolidated Funds \| Level III \| Transaction price
Assets
Equity securities	106,883	74,041
Other fixed income	12,394
Consolidated Funds \| Level III \| Discounted cash flow
Assets
Equity securities	199,536	123,685
Partnership interests	$ 252,634	$ 238,673
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rates
Significant Unobservable Input(s)
Equity securities	0.200	0.200
Partnership interest	0.234	0.234
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rates \| Weighted Average
Significant Unobservable Input(s)
Equity securities	0.200	0.200
Partnership interest	0.234	0.234
Consolidated Funds \| Level III \| Market approach
Assets
Equity securities		$ 1,261
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple
Assets
Equity securities	$ 2,168
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Minimum
Significant Unobservable Input(s)
Equity securities	9.3	1
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Maximum
Significant Unobservable Input(s)
Equity securities	55.9	64.4
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Weighted Average
Significant Unobservable Input(s)
Equity securities	12.8	17.5
Consolidated Funds \| Level III \| Market approach \| Multiple of book value
Assets
Equity securities	$ 216,820	$ 140,185
Consolidated Funds \| Level III \| Market approach \| Multiple of book value \| Minimum
Significant Unobservable Input(s)
Equity securities	1	1
Consolidated Funds \| Level III \| Market approach \| Multiple of book value \| Maximum
Significant Unobservable Input(s)
Equity securities	27.5	1.2
Consolidated Funds \| Level III \| Market approach \| Multiple of book value \| Weighted Average
Significant Unobservable Input(s)
Equity securities	5.5	1.1
Consolidated Funds \| Level III \| Other
Assets
Equity securities	$ 551
Other fixed income	1,323
Consolidated Funds \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Equity securities	74	$ 11
Other fixed income	799,759	614,754
Liabilities
Derivative instruments	(3,353)
Consolidated Funds \| Level III \| Yield analysis
Assets
Equity securities	19
Other fixed income	$ 107,133
Consolidated Funds \| Level III \| Yield analysis \| Yields \| Minimum
Significant Unobservable Input(s)
Equity securities	0.125
Fixed income securities	5.6
Consolidated Funds \| Level III \| Yield analysis \| Yields \| Maximum
Significant Unobservable Input(s)
Equity securities	0.152
Fixed income securities	23
Consolidated Funds \| Level III \| Yield analysis \| Yields \| Weighted Average
Significant Unobservable Input(s)
Equity securities	0.129
Fixed income securities	0.108
Consolidated Funds \| Level III \| Income approach
Assets
Other fixed income		$ 128,198
Consolidated Funds \| Level III \| Income approach \| Yields \| Minimum
Significant Unobservable Input(s)
Fixed income securities		3.5
Consolidated Funds \| Level III \| Income approach \| Yields \| Maximum
Significant Unobservable Input(s)
Fixed income securities		16.2
Consolidated Funds \| Level III \| Income approach \| Yields \| Weighted Average
Significant Unobservable Input(s)
Fixed income securities		6.7
Ares Management L.P
Assets
Equity securities	$ 194,286	$ 110,389
Partnership interests	8,227	8,591
Total assets, at fair value	257,585	177,059
Liabilities
Contingent consideration	(11,000)	(57,435)
Derivative instruments		(328)
Total liabilities, at fair value	(17,581)	(57,763)
Ares Management L.P \| Level III
Assets
Equity securities	117,272	108,949
Partnership interests	2,575	2,575
Total assets, at fair value	165,672	163,921
Liabilities
Contingent consideration	(11,000)	(57,435)
Derivative instruments		0
Total liabilities, at fair value	(11,000)	(57,435)
Ares Management L.P \| Level III \| Transaction price
Assets
Equity securities	15,504	14,610
Ares Management L.P \| Level III \| Discounted cash flow
Assets
Equity securities	$ 56,154	$ 50,690
Ares Management L.P \| Level III \| Discounted cash flow \| Discount rates \| Minimum
Significant Unobservable Input(s)
Equity securities	0.160	0.140
Ares Management L.P \| Level III \| Discounted cash flow \| Discount rates \| Maximum
Significant Unobservable Input(s)
Equity securities		0.200
Ares Management L.P \| Level III \| Discounted cash flow \| Discount rates \| Weighted Average
Significant Unobservable Input(s)
Equity securities	0.160	0.143
Ares Management L.P \| Level III \| Market approach
Assets
Equity securities	$ 45,614	$ 43,649
Ares Management L.P \| Level III \| Market approach \| Multiple of book value
Significant Unobservable Input(s)
Equity securities	1.4	1.4
Ares Management L.P \| Level III \| Market approach \| Multiple of book value \| Weighted Average
Significant Unobservable Input(s)
Equity securities	1.4	1.4
Ares Management L.P \| Level III \| Other
Assets
Partnership interests	$ 2,575	$ 2,575
Other fixed income	21,582	21,582
Liabilities
Contingent consideration	(11,000)	(47,873)
Ares Management L.P \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	$ 24,243	30,815
Ares Management L.P \| Level III \| Monte Carlo simulation
Liabilities
Contingent consideration		$ (9,562)
Ares Management L.P \| Level III \| Monte Carlo simulation \| Discount rates
Significant Unobservable Input(s)
Contingent consideration		8.5
Ares Management L.P \| Level III \| Monte Carlo simulation \| Discount rates \| Weighted Average
Significant Unobservable Input(s)
Contingent consideration		0.085
Ares Management L.P \| Level III \| Monte Carlo simulation \| Volatility
Significant Unobservable Input(s)
Contingent consideration		0.18
Ares Management L.P \| Level III \| Monte Carlo simulation \| Volatility \| Weighted Average
Significant Unobservable Input(s)
Contingent consideration		0.18

FAIR VALUE - Investments Using

FAIR VALUE - Investments Using NAV per Share (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Consolidated Funds
FAIR VALUE
Fair value	$ 1,133,184,000	$ 708,307,000
Investments Measured at NAV \| Consolidated Funds
FAIR VALUE
Fair value	880,550,000	469,634,000
Investments Measured at NAV \| Non-core investments
FAIR VALUE
Fair value	5,700,000	6,000,000
Unfunded commitments	0	0
Investments Measured at NAV \| Non-core investments \| Consolidated Funds
FAIR VALUE
Fair value	1,052,100,000	469,600,000
Unfunded commitments	$ 811,300,000	$ 1,200,000,000

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Value and Notional Amounts of Derivative Contracts by Major Product Type on a Gross Basis (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Consolidated Funds
Assets
Notional amount, assets	$ 56,499,000	$ 56,000,000
Fair Value	536,000	0
Liabilities
Notional amount, liabilities	279,971,000	279,516,000
Fair Value	5,849,000	20,927,000
Derivative liability, amount offset	0	0
Derivative asset, amount offset	0	0
Consolidated Funds \| Foreign currency forward contracts
Assets
Notional amount, assets	536,000	0
Fair Value	536,000	0
Liabilities
Notional amount, liabilities	496,000	0
Fair Value	496,000	0
Consolidated Funds \| Warrants
Assets
Notional amount, assets	0	0
Fair Value	0	0
Liabilities
Notional amount, liabilities	230,000,000	230,000,000
Fair Value	2,000,000	17,822,000
Consolidated Funds \| Asset swaps
Assets
Notional amount, assets	55,963,000	56,000,000
Fair Value	0	0
Liabilities
Notional amount, liabilities	49,475,000	49,516,000
Fair Value	3,353,000	3,105,000
Ares Management L.P
Assets
Notional amount, assets	80,239,000	409,018,000
Fair Value	9,247,000	5,682,000
Liabilities
Notional amount, liabilities	175,453,000	11,011,000
Fair Value	6,581,000	328,000
Derivative liability, amount offset	6,600,000	300,000
Ares Management L.P \| Foreign currency forward contracts
Assets
Notional amount, assets	80,239,000	409,018,000
Fair Value	9,247,000	5,682,000
Liabilities
Notional amount, liabilities	175,453,000	11,011,000
Fair Value	$ 6,581,000	$ 328,000

DEBT - Debt Obligations (Detail

DEBT - Debt Obligations (Details) - Ares Management L.P - USD ($)	1 Months Ended				9 Months Ended
	Jan. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Sep. 30, 2022	Jul. 06, 2022	Mar. 31, 2022	Mar. 30, 2022	Dec. 31, 2021
DEBT
Carrying Value					$ 2,018,462,000				$ 1,503,709,000
Credit Facility
DEBT
Carrying Value					$ 445,000,000				$ 415,000,000
Interest Rate					3.87%				1.25%
Maximum borrowing capacity						$ 1,325,000,000	$ 1,275,000,000	$ 1,090,000,000
Accordion feature							$ 375,000,000
Unused commitment fees					0.10%
Interest rate					0%
Credit Facility \| SOFR
DEBT
Interest rate spread					1%
Senior Notes 2024
DEBT
Original Borrowing Amount					$ 250,000,000
Carrying Value					$ 248,511,000				$ 247,979,000
Interest Rate					4.21%				4.21%
Debt issuance rate				98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount					$ 400,000,000
Carrying Value					$ 396,490,000				$ 396,156,000
Interest Rate					3.28%				3.28%
Debt issuance rate			99.77%
Senior Notes 2052
DEBT
Original Borrowing Amount					$ 500,000,000
Carrying Value					$ 483,750,000				$ 0
Interest Rate					3.77%				0%
Debt issuance rate	97.78%
Subordinated Notes 2051
DEBT
Original Borrowing Amount					$ 450,000,000
Carrying Value					$ 444,711,000				$ 444,574,000
Interest Rate					4.13%				4.13%
Interest rate		4.125%
Debt term		5 years
Subordinated Notes 2051 \| US Treasury
DEBT
Interest rate		3.237%

DEBT - Debt Issuance Costs (Det

DEBT - Debt Issuance Costs (Details) - Ares Management L.P $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 5,274
Debt issuance costs incurred	1,517
Amortization of debt issuance costs	(957)
Unamortized debt issuance costs, ending balance	5,834
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	3,689
Debt issuance costs incurred	5,436
Amortization of debt issuance costs	(582)
Unamortized debt issuance costs, ending balance	8,543
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	5,426
Debt issuance costs incurred	0
Amortization of debt issuance costs	(137)
Unamortized debt issuance costs, ending balance	$ 5,289

DEBT - Loan Obligations of the

DEBT - Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
DEBT
Fair Value of Loan Obligations	$ 10,313,881	$ 10,657,661
Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	10,313,881	10,657,661
Senior secured notes \| Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 9,664,638	$ 10,016,638
Weighted average interest rate	3.41%	1.93%
Weighted Average Remaining Maturity In Years	8 years 9 months 18 days	9 years 4 months 24 days
Subordinated notes \| Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 649,243	$ 641,023
Weighted Average Remaining Maturity In Years	7 years	8 years 1 month 6 days

DEBT - Credit Facilities of the

DEBT - Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds - USD ($)	Sep. 30, 2022	Dec. 31, 2021
DEBT
Total borrowings of Consolidated Funds	$ 149,546,000	$ 127,771,000
Credit Facility Maturing 10/13/2022
DEBT
Total Capacity	112,817,000
Outstanding loan	$ 77,496,000	$ 71,500,000
Effective Rate	4.04%	1.59%
Credit Facility Maturing 7/1/2023
DEBT
Total Capacity	$ 18,000,000
Outstanding loan	$ 15,550,000	$ 16,271,000
Effective Rate	4.69%	1.73%
Credit Facility Maturing 7/23/2024
DEBT
Total Capacity	$ 75,000,000
Outstanding loan	$ 56,500,000	$ 40,000,000
Effective Rate	5.97%	309%
Credit Facility Maturing 9/24/2026
DEBT
Total Capacity	$ 150,000,000
Outstanding loan	0	$ 0
Credit Facility Maturing 9/12/2027
DEBT
Total Capacity	54,000,000
Outstanding loan	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 605,700,000		$ 605,700,000		$ 677,300,000
Maximum exposure from guarantees	$ 76,700,000		$ 76,700,000		209,700,000
Percent of the contingent liability requiring continued service	96%		96%
Percent of the contingent liability not requiring continued service	4%		4%
Recognition period			4 years
Performance Income
Carried interest, contingent repayment obligations	$ 0		$ 0		0
Performance income
Performance Income
Performance income subject to potential clawback provision	185,300,000		185,300,000		194,600,000
Performance income subject to potential claw back provision that are reimbursable by professionals	145,000,000		145,000,000		153,300,000
Ares Management L.P
COMMITMENTS AND CONTINGENCIES
Accrued compensation	11,000,000		11,000,000		57,435,000
Ares Management L.P \| Contingent Consideration
COMMITMENTS AND CONTINGENCIES
Other expense	300,000	$ 3,000,000	1,400,000	$ 3,000,000
Landmark Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	300,000,000		300,000,000
Compensation expense	36,700,000
Black Creek Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	275,000,000		275,000,000
Compensation expense	130,600,000	$ 13,500,000	218,100,000	$ 13,500,000
Accrued compensation	264,000,000		264,000,000		45,900,000
Black Creek Acquisition \| Contingency Subject To Continued Service Requirement
COMMITMENTS AND CONTINGENCIES
Fair value of contingent liability	264,000,000		264,000,000		229,500,000
Black Creek Acquisition \| Contingency Not Subject To Continued Service Requirement
COMMITMENTS AND CONTINGENCIES
Fair value of contingent liability	11,000,000		11,000,000		$ 9,600,000
Infrastructure Debt Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	48,500,000		48,500,000
Compensation expense	2,800,000		$ 7,100,000
Business combination, percentage			15%
Business combination equity awards percentage			85%
Estimated fair value of the contingent consideration liability	$ 39,200,000		$ 39,200,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Leases: Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 193,180
Finance lease obligations	393
Accumulated amortization	$ 2,000	$ 1,600
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Ares Management L.P
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 159,686	$ 167,652
Finance lease assets	543	1,011
Total lease assets	160,229	168,663
Operating lease liabilities	193,180	205,075
Finance lease obligations	393	936
Total lease liabilities	$ 193,573	$ 206,011
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	11 years

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Leases: Maturity of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Operating Leases
2022	$ 10,732
2023	40,866
2024	43,390
2025	41,842
2026	29,819
After 2026	39,882
Total future payments	206,531
Less: interest	13,351
Operating lease liabilities	193,180
Finance Leases
2022	68
2023	166
2024	161
2025	10
2026	0
After 2026	0
Total future payments	405
Less: interest	12
Total lease liabilities	$ 393

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Leases: Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 11,168	$ 9,697	$ 31,302	$ 27,203
Amortization of finance lease assets	144	154	488	408
Interest on finance lease liabilities	3	7	12	24
Total lease expense	$ 11,315	$ 9,858	$ 31,802	$ 27,635

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Leases: Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 33,156	$ 26,704
Operating cash flows for finance leases	19	34
Financing cash flows for finance leases	525	463
Leased assets obtained in exchange for new finance lease liabilities	13	189
Leased assets obtained in exchange for new operating lease liabilities	$ 20,687	$ 55,461

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES - Leases: Lease Term and Discount Rate (Details)	Sep. 30, 2022	Dec. 31, 2021
Weighted-average remaining lease terms (in years):
Operating leases	5 years 4 months 24 days	6 years
Finance leases	2 years 2 months 12 days	1 year 9 months 18 days
Weighted-average discount rate:
Operating leases	2.77%	1.81%
Finance leases	2.88%	2.94%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 7,736	$ 7,234
Due to affiliates:
Due to affiliates—Company	0	0
Consolidated Funds \| Affiliated entity
Due from affiliates:
Due from affiliates	7,736	7,234
Ares Management L.P
Due from affiliates:
Due from affiliates	561,503	670,383
Due to affiliates:
Due to affiliates—Company	122,307	198,553
Ares Management L.P \| Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds	439,961	372,249
Incentive fee receivable from non-consolidated funds	8,134	211,243
Payments made on behalf of and amounts due from non-consolidated funds and employees	113,408	86,891
Due from affiliates	561,503	670,383
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	5,744	10,160
Tax receivable agreement liability	98,975	100,542
Undistributed carried interest and incentive fees		66,494
Payments made by non-consolidated funds on behalf of and payable by the Company	4,864	21,357
Due to affiliates—Company	$ 122,307	$ 198,553

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (11,599)	$ 30,275	$ 22,272	$ 104,487
Deferred tax asset	$ 63,200		$ 63,200		$ 39,400

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities Excluded (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	0	450	0	167
AOG Units \| AOG Units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	0	119,855,724	0	115,394,058

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Sep. 16, 2022	Jun. 16, 2022	Mar. 17, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic earnings per share of Class A and non-voting common stock:
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders				$ (35,546)	$ 84,726	$ 50,048	$ 262,659
Distributions on unvested restricted units				(3,555)	(1,440)	(10,601)	(8,142)
Undistributed earnings allocable to participating unvested restricted units				0	(306)	0	(2,858)
Net income (loss) available to Class A and non-voting common stockholders				(39,101)	82,980	39,447	251,659
Diluted earnings per share of Class A and non-voting common stock:
Net income (loss) available to Class A and non-voting common stockholders				(35,546)	84,726	50,048	262,659
Distributions on unvested restricted units				(3,555)	0	(10,601)	0
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders				$ (39,101)	$ 84,726	$ 39,447	$ 262,659
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.61	$ 0.61	$ 0.61
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)				0	12,273,068	0	10,807,242
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)				0	5,317,468	0	5,265,045
Class A Common Stock
Basic earnings per share of Class A and non-voting common stock:
Basic weighted-average shares of Class A and non-voting common stock (in shares)				175,631,144	168,931,621	175,010,241	161,071,151
Basic earnings per share of Class A and non-voting common stock (in dollars per share)				$ (0.22)	$ 0.49	$ 0.23	$ 1.55
Diluted earnings per share of Class A and non-voting common stock:
Diluted weighted-average shares of Class A and non-voting common stock (in shares)				175,631,144	186,522,157	175,010,241	177,143,438
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)				$ (0.22)	$ 0.45	$ 0.23	$ 1.48
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)				$ 0.61	$ 0.47	$ 1.83	$ 1.41
Non-voting Common Stock
Basic earnings per share of Class A and non-voting common stock:
Basic weighted-average shares of Class A and non-voting common stock (in shares)				175,631,144	168,931,621	175,010,241	161,071,151
Basic earnings per share of Class A and non-voting common stock (in dollars per share)				$ (0.22)	$ 0.49	$ 0.23	$ 1.55
Diluted earnings per share of Class A and non-voting common stock:
Diluted weighted-average shares of Class A and non-voting common stock (in shares)				175,631,144	186,522,157	175,010,241	177,143,438
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)				$ (0.22)	$ 0.45	$ 0.23	$ 1.48
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)				$ 0.61	$ 0.47	$ 1.83	$ 1.41

EQUITY COMPENSATION - Equity In

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 01, 2022
Equity compensation
Equity-based compensation expense	$ 48,117	$ 65,991	$ 151,403	$ 191,144
Restricted units
Equity compensation
Equity-based compensation expense	48,117	36,390	151,403	127,219
Restricted units with a market condition
Equity compensation
Equity-based compensation expense	$ 0	$ 29,601	$ 0	$ 63,925
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	44,524,646		44,524,646		49,293,000

EQUITY COMPENSATION - Restricte

EQUITY COMPENSATION - Restricted Units (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended			9 Months Ended
	Sep. 16, 2022	Jun. 16, 2022	Mar. 17, 2022	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity compensation
Dividend declared and paid per class A common stock (in dollars per share)	$ 0.61	$ 0.61	$ 0.61
Distribution equivalents made to holders				$ 7.9			$ 23.9
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)							3,000,000	4,400,000
Dividend declared and paid per class A common stock (in dollars per share)				$ 0.61		$ 0.47	$ 1.83	$ 1.41
Restricted units
Equity compensation
Shares delivered in period (in shares)							5,400,000	8,200,000
Restricted Units
Balance at the beginning of the period (in shares)					18,323,036		18,323,036
Granted (in shares)							4,050,786
Vested (in shares)							(5,333,182)
Forfeited (in shares)							(222,432)
Balance at the end of the period (in shares)				16,818,208			16,818,208
Weighted Average Grant Date Fair Value Per Unit
Balance at the beginning of the period (in dollars per share)					$ 36.43		$ 36.43
Granted (in dollars per share)							74.62
Vested (in dollars per share)							26.89
Forfeited (in dollars per share)							53.83
Balance at the end of the period (in dollars per share)				$ 48.43			$ 48.43
Unrecognized compensation expenses				$ 589.5			$ 589.5
Weighted average period of compensation expense expected to be recognized							3 years 7 months 6 days
Restricted units \| Senior executives
Equity compensation
Annual award vesting percentage					25%

EQUITY COMPENSATION - Summary O

EQUITY COMPENSATION - Summary Of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Options
Exercised (in shares)	(772,228)
Aggregate Intrinsic Value
Net cash proceeds from exercises of stock options	$ 14,500
Options
Equity compensation
Shares purchased (in shares)	1
Term of option	ten years
Options
Balance at the beginning of the period (in shares)	6,306,282
Granted (in shares)	0
Exercised (in shares)	(784,782)
Expired (in shares)	0
Forfeited (in shares)	0
Balance at the end of the period (in shares)	5,521,500	6,306,282
Options, Exercisable at the end of the period (in shares)	5,521,500
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per shares)	$ 19
Granted (in dollars per shares)
Exercised (in dollars per shares)	19
Expired (in dollars per shares)	0
Forfeited (in dollars per shares)	0
Balance at the end of the period (in dollars per shares)	19	$ 19
Weighted average exercise price, Exercisable at the end of the period (in dollars per shares)	$ 19
Weighted Average Remaining Life (in years)
Weighted average remaining life	1 year 7 months 6 days	2 years 3 months 18 days
Exercisable at the end of the period	1 year 7 months 6 days
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 237,148	$ 392,692
Exercisable	237,148
Tax benefits of exercises	$ 6,100

EQUITY AND REDEEMABLE INTERES_2

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Feb. 28, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	290,451,548
Stock option exercises, net of shares withheld for tax (in shares)	772,228
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	2,973,864
Ending balance (in shares)	294,168,505
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	0
Redemptions of AOG Units (in shares)	(25,000)
Cancellation of AOG Units (in shares)	(4,135)
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Authorized amount		$ 150
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	168,351,305
Stock option exercises, net of shares withheld for tax (in shares)	772,228
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	2,973,864
Ending balance (in shares)	172,402,437
Class A Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	305,040
Redemptions of AOG Units (in shares)	0
Cancellation of AOG Units (in shares)	0
Non-voting Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	3,489,911
Stock option exercises, net of shares withheld for tax (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	3,489,911
Non-voting Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	0
Redemptions of AOG Units (in shares)	0
Cancellation of AOG Units (in shares)	0
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	1,000
Stock option exercises, net of shares withheld for tax (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	1,000
Class B Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	0
Redemptions of AOG Units (in shares)	0
Cancellation of AOG Units (in shares)	0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	118,609,332
Stock option exercises, net of shares withheld for tax (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	118,275,157
Class C Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	(305,040)
Redemptions of AOG Units (in shares)	(25,000)
Cancellation of AOG Units (in shares)	(4,135)

EQUITY AND REDEEMABLE INTERES_3

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
AOG units (in shares)	294,167,505		294,167,505		290,450,548
Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	100%		100%		100%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG units (in shares)	118,275,157		118,275,157		118,609,332
Ares Owners Holdings, L.P. \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	40.21%		40.21%		40.84%
Daily Average Ownership	40.26%	41.50%	40.36%	41.74%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	175,892,348		175,892,348		171,841,216
Ares Operating Group \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	59.79%		59.79%		59.16%
Daily Average Ownership	59.74%	58.50%	59.64%	58.26%

EQUITY AND REDEEMABLE INTERES_4

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 93,518	$ 96,347	$ 96,008
Changes in ownership interests and related tax benefits	1,214	(1,445)	231
Net income (loss)	93	(457)	399
Currency translation adjustment, net of tax	(933)	(996)	(331)
Equity compensation		77	48
Distributions	(1,861)	(8)	(8)
Ending balance	92,108	93,518	96,347
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	1,000,000	1,000,000	1,000,000
Change in redemption value	4,994	0	0
Ending balance	$ 1,004,994	$ 1,000,000	$ 1,000,000

SEGMENT REPORTING - Operating S

SEGMENT REPORTING - Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment reporting
Total revenues	$ 801,290	$ 948,719	$ 2,117,719	$ 2,901,926
Compensation and benefits	(425,419)	(335,569)	(1,155,031)	(837,108)
General, administrative and other expenses	(319,352)	(134,453)	(562,441)	(285,471)
Total
Segment reporting
Compensation and benefits	(264,785)	(226,170)	(758,244)	(579,709)
General, administrative and other expenses	(82,721)	(59,097)	(227,375)	(146,183)
Fee related earnings	233,158	182,559	658,607	458,977
Performance income—realized	29,984	44,762	143,946	246,720
Performance related compensation—realized	(18,858)	(33,371)	(91,491)	(183,308)
Realized net performance income (loss)	11,126	11,391	52,455	63,412
Investment income—realized	4,842	5,362	13,884	12,695
Interest and other investment income (expense)—realized	12,623	11,087	38,932	32,657
Interest expense	(18,307)	(11,523)	(51,174)	(25,125)
Realized net investment income (loss)	(842)	4,926	1,642	20,227
Realized income	243,442	198,876	712,704	542,616
Operating segment
Segment reporting
Fee related earnings	(328,602)	(273,362)	(944,894)	(684,346)
Performance income—realized	29,984	44,762	143,946	246,720
Performance related compensation—realized	(18,858)	(33,371)	(91,491)	(183,308)
Realized net investment income (loss)	(543)	5,356	3,566	20,454
Realized income	(339,185)	(290,109)	(1,000,915)	(768,212)
OMG
Segment reporting
Total revenues	(7,681)	(3,446)	(19,974)	(3,446)
Compensation and benefits	(61,084)	(66,107)	(196,492)	(158,943)
General, administrative and other expenses	(41,907)	(28,142)	(109,516)	(69,872)
Fee related earnings	(95,444)	(90,803)	(286,287)	(225,369)
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income (loss)	0	0	0	0
Investment income—realized	0	0	0	0
Interest and other investment income (expense)—realized	(171)	(270)	(1,450)	170
Interest expense	(128)	(160)	(474)	(397)
Realized net investment income (loss)	(299)	(430)	(1,924)	(227)
Realized income	(95,743)	(91,233)	(288,211)	(225,596)
Ares Management L.P
Segment reporting
Total revenues	801,290	948,719	2,117,719	2,901,926
Ares Management L.P \| Operating segment
Segment reporting
Compensation and benefits	(203,701)	(160,063)	(561,752)	(420,766)
General, administrative and other expenses	(40,814)	(30,955)	(117,859)	(76,311)
Fee related earnings	328,602	273,362	944,894	684,346
Performance income—realized	29,984	44,762	143,946	246,720
Performance related compensation—realized	(18,858)	(33,371)	(91,491)	(183,308)
Realized net performance income (loss)	11,126	11,391	52,455	63,412
Investment income—realized	4,842	5,362	13,884	12,695
Interest and other investment income (expense)—realized	12,794	11,357	40,382	32,487
Interest expense	(18,179)	(11,363)	(50,700)	(24,728)
Realized net investment income (loss)	(543)	5,356	3,566	20,454
Realized income	339,185	290,109	1,000,915	768,212
Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Compensation and benefits	(102,839)	(86,502)	(301,822)	(253,597)
General, administrative and other expenses	(18,257)	(14,930)	(52,734)	(37,716)
Fee related earnings	232,918	175,957	650,801	493,214
Performance income—realized	3,045	6,332	58,941	76,924
Performance related compensation—realized	(1,737)	(3,079)	(35,675)	(48,619)
Realized net performance income (loss)	1,308	3,253	23,266	28,305
Investment income—realized	4,495	618	6,519	1,858
Interest and other investment income (expense)—realized	8,893	4,716	21,006	14,354
Interest expense	(3,904)	(2,392)	(10,856)	(5,372)
Realized net investment income (loss)	9,484	2,942	16,669	10,840
Realized income	243,710	182,152	690,736	532,359
Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Compensation and benefits	(26,865)	(23,220)	(70,724)	(62,047)
General, administrative and other expenses	(7,824)	(4,984)	(21,992)	(15,351)
Fee related earnings	18,183	28,983	54,214	59,258
Performance income—realized	0	34,316	2,212	159,479
Performance related compensation—realized	(5)	(27,483)	(1,791)	(127,706)
Realized net performance income (loss)	(5)	6,833	421	31,773
Investment income—realized	8	1,878	2,283	(4,387)
Interest and other investment income (expense)—realized	201	4,861	1,898	9,825
Interest expense	(4,183)	(2,505)	(11,185)	(5,434)
Realized net investment income (loss)	(3,974)	4,234	(7,004)	4
Realized income	14,204	40,050	47,631	91,035
Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Compensation and benefits	(46,947)	(33,070)	(121,183)	(73,438)
General, administrative and other expenses	(10,032)	(6,674)	(28,308)	(14,212)
Fee related earnings	46,382	32,450	134,844	69,583
Performance income—realized	26,939	4,114	78,637	10,317
Performance related compensation—realized	(17,115)	(2,809)	(50,510)	(6,983)
Realized net performance income (loss)	9,824	1,305	28,127	3,334
Investment income—realized	339	1,841	4,224	13,877
Interest and other investment income (expense)—realized	2,180	918	7,597	4,783
Interest expense	(3,095)	(1,904)	(8,197)	(4,528)
Realized net investment income (loss)	(576)	855	3,624	14,132
Realized income	55,630	34,610	166,595	87,049
Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Compensation and benefits	(19,191)	(11,955)	(45,964)	(16,244)
General, administrative and other expenses	(3,215)	(2,593)	(9,250)	(3,452)
Fee related earnings	22,214	26,516	80,111	34,266
Performance income—realized	0	0	4,156	0
Performance related compensation—realized	(1)	0	(3,515)	0
Realized net performance income (loss)	(1)	0	641	0
Investment income—realized	0	0	0	0
Interest and other investment income (expense)—realized	424	699	3,268	701
Interest expense	(1,753)	(427)	(3,775)	(432)
Realized net investment income (loss)	(1,329)	272	(507)	269
Realized income	20,884	26,788	80,245	34,535
Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Compensation and benefits	(7,859)	(5,316)	(22,059)	(15,440)
General, administrative and other expenses	(1,486)	(1,774)	(5,575)	(5,580)
Fee related earnings	8,905	9,456	24,924	28,025
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income (loss)	0	0	0	0
Investment income—realized	0	1,025	858	1,347
Interest and other investment income (expense)—realized	1,096	163	6,613	2,824
Interest expense	(5,244)	(4,135)	(16,687)	(8,962)
Realized net investment income (loss)	(4,148)	(2,947)	(9,216)	(4,791)
Realized income	4,757	6,509	15,708	23,234
Management fees
Segment reporting
Total revenues	548,458	448,262	1,546,350	1,135,821
Management fees \| Total
Segment reporting
Total revenues	551,768	453,950	1,559,570	1,154,248
Management fees \| OMG
Segment reporting
Total revenues	0	0	0	0
Management fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	551,768	453,950	1,559,570	1,154,248
Management fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	345,871	271,591	972,201	764,702
Management fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	52,316	56,817	145,669	135,930
Management fees \| Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Total revenues	91,013	67,934	254,233	150,691
Management fees \| Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Total revenues	44,385	41,064	135,090	53,962
Management fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	18,183	16,544	52,377	48,963
Fee related performance revenues
Segment reporting
Total revenues	1,090	579
Fee related performance revenues \| Total
Segment reporting
Total revenues			15,041	3,269
Fee related performance revenues \| OMG
Segment reporting
Total revenues	0	0	0	0
Fee related performance revenues \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	1,090	579	15,041	3,269
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	0	0	12,628	1,331
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	0	0	0	0
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Total revenues	855	579	2,178	1,938
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Total revenues	235	0	235	0
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	0	0	0	0
Other fees \| Total
Segment reporting
Total revenues	27,806	13,297	69,615	27,352
Other fees \| OMG
Segment reporting
Total revenues	7,547	3,446	19,721	3,446
Other fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	20,259	9,851	49,894	23,906
Other fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	8,143	5,798	20,528	18,494
Other fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	556	370	1,261	726
Other fees \| Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Total revenues	11,493	3,681	27,924	4,604
Other fees \| Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Total revenues	0	0	0	0
Other fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	$ 67	$ 2	$ 181	$ 82

SEGMENT REPORTING - Revenue, Ex

SEGMENT REPORTING - Revenue, Expenses and Realized Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment revenues
Total revenues	$ 801,290	$ 948,719	$ 2,117,719	$ 2,901,926
Total segment revenues	603,101	509,142	1,768,451	1,428,143
Segment expenses
Compensation and benefits	425,419	335,569	1,155,031	837,108
General, administrative and other expenses	319,352	134,453	562,441	285,471
Total expenses	898,102	813,267	2,062,654	2,363,108
Segment realized net investment income (expense)
Total other income (expense)	36,434	111,536	112,932	218,011
Management fees
Segment revenues
Total revenues	548,458	448,262	1,546,350	1,135,821
Fee related performance revenues
Segment revenues
Total revenues	1,090	579
Operating segment
Segment revenues
Performance income—realized	29,984	44,762	143,946	246,720
Segment expenses
Performance related compensation—realized	18,858	33,371	91,491	183,308
Ares Management L.P
Segment revenues
Total revenues	801,290	948,719	2,117,719	2,901,926
Ares Management L.P \| Operating segment
Segment revenues
Performance income—realized	29,984	44,762	143,946	246,720
Total segment revenues	603,101	509,142	1,768,451	1,428,143
Segment expenses
Compensation and benefits	203,701	160,063	561,752	420,766
General, administrative and other expenses	40,814	30,955	117,859	76,311
Performance related compensation—realized	18,858	33,371	91,491	183,308
Total expenses	263,373	224,389	771,102	680,385
Segment realized net investment income (expense)
Investment income—realized	4,842	5,362	13,884	12,695
Interest and other investment income —realized	12,794	11,357	40,382	32,487
Interest expense	(18,179)	(11,363)	(50,700)	(24,728)
Total other income (expense)	(543)	5,356	3,566	20,454
Ares Management L.P \| Operating segment \| Management fees
Segment revenues
Total revenues	551,768	453,950	1,559,570	1,154,248
Ares Management L.P \| Operating segment \| Fee related performance revenues
Segment revenues
Total revenues	1,090	579	15,041	3,269
Ares Management L.P \| Operating segment \| Other fees
Segment revenues
Total revenues	$ 20,259	$ 9,851	$ 49,894	$ 23,906

SEGMENT REPORTING - Revenue Rec

SEGMENT REPORTING - Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue adjustment
Total revenues	$ 801,290	$ 948,719	$ 2,117,719	$ 2,901,926
Total segment revenue	603,101	509,142	1,768,451	1,428,143
Ares Management L.P
Revenue adjustment
Total revenues	801,290	948,719	2,117,719	2,901,926
Operating segment \| Ares Management L.P
Revenue adjustment
Performance income—unrealized	(170,654)	(415,317)	(280,037)	(1,381,697)
Total segment revenue	603,101	509,142	1,768,451	1,428,143
Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	(9,438)	(20,719)	(37,421)	(96,448)
Total segment revenue	(198,189)	(439,577)	(349,268)	(1,473,783)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Revenue adjustment
Total segment revenue	(7,801)	(6,927)	(30,362)	(16,795)
Reconciling items \| Performance income reclass
Revenue adjustment
Performance income reclass	0	680	(14)	1,285
OMG
Revenue adjustment
Total revenues	(7,681)	(3,446)	(19,974)	(3,446)
Management fees
Revenue adjustment
Total revenues	548,458	448,262	1,546,350	1,135,821
Management fees \| Operating segment \| Ares Management L.P
Revenue adjustment
Total revenues	551,768	453,950	1,559,570	1,154,248
Management fees \| OMG
Revenue adjustment
Total revenues	0	0	0	0
Management fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total segment revenue	11,682	11,051	34,523	33,416
Incentive fees
Revenue adjustment
Total revenues	8,882	696	29,979	19,420
Incentive fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total revenues	0	0	34	1,528
Administrative, transaction and other fees
Revenue adjustment
Total revenues	40,182	24,860	108,090	49,501
Administrative, transaction and other fees \| Reconciling items
Revenue adjustment
Total revenues	(16,099)	(15,632)	(50,947)	(34,754)
Administrative, transaction and other fees \| Consolidated Funds \| Reconciling items
Revenue adjustment
Total revenues	3,946	4,264	13,030	13,157
Principal investment income
Revenue adjustment
Total revenues	11,582	14,250	15,521	86,477
Principal investment income \| Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	$ (11,582)	$ (14,250)	$ (15,521)	$ (86,477)

SEGMENT REPORTING - Expenses (D

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	$ 898,102	$ 813,267	$ 2,062,654	$ 2,363,108
Equity compensation expense	48,117	65,991	151,403	191,144
Impairment of intangible assets (excluding goodwill)	181,600		181,600
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	(1,852)	(754)	(12,046)	(18,364)
Equity compensation expense	47,516	65,991	150,677	191,144
Acquisition-related compensation expense	(96,697)	(28,194)	(204,189)	(32,824)
Placement fees	9,729	32,413	7,611	33,740
Depreciation and amortization expense	219,339	36,668	297,795	71,742
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	263,373	224,389	771,102	680,385
Performance related compensation-unrealized	(124,466)	(296,044)	(207,115)	(1,022,393)
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	898,102	813,267	2,062,654	2,363,108
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	(634,729)	(588,878)	(1,291,552)	(1,682,723)
Administrative fees	(15,574)	(15,632)	(50,422)	(34,754)
Acquisition and merger-related expense	(1,852)	(754)	(12,046)	(18,364)
Equity compensation expense	(48,041)	(65,991)	(151,202)	(191,144)
Acquisition-related compensation expense	(96,697)	(28,194)	(204,189)	(32,824)
Placement fees	(9,729)	(32,413)	(7,611)	(33,740)
Depreciation and amortization expense	(219,339)	(36,668)	(297,795)	(71,742)
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	(5,657)	(6,829)	(27,041)	(17,372)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(22,129)	(23,206)	(63,071)	(66,653)
Expenses of Consolidated Funds eliminated in consolidation	11,746	11,102	34,948	35,078
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	$ 102,991	$ 94,249	$ 306,008	$ 228,815

SEGMENT REPORTING - Other Incom

SEGMENT REPORTING - Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 36,434	$ 111,536	$ 112,932	$ 218,011
Other income, net	2,601	36,654	10,194	30,686
Total segment realized net investment income (expense)	(543)	5,356	3,566	20,454
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss—unrealized	(4,543)	(5,014)	(6,666)	(57,531)
Other (income) expense, net	1,059	34,812	(934)	34,666
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(543)	5,356	3,566	20,454
Investment (income) loss—unrealized	57	(3,609)	9,995	(60,588)
Interest and other investment (income) loss—unrealized	(4,600)	(1,405)	(16,661)	3,057
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	36,434	111,536	112,932	218,011
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(36,977)	(106,180)	(109,366)	(197,557)
Principal investment income	9,438	20,719	37,421	96,448
Other (income) expense, net	(1,060)	(34,812)	934	(34,666)
Reconciling items \| Performance income reclass
Segment Reporting, Other Significant Reconciling Item [Line Items]
Performance income reclass	0	(680)	14	(1,285)
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(3,472)	(5,170)	(3,262)	(9,191)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income from Consolidated Funds added in consolidation, net	(38,434)	(76,287)	(132,852)	(178,195)
Eliminations \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net	(1,922)	(4,973)	(13,655)	(13,783)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ (3,016)	$ (37)	$ (8,700)	$ (646)

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Adjustments:
Equity compensation expense	$ 48,117	$ 65,991	$ 151,403	$ 191,144
Impairment of intangible assets (excluding goodwill)	181,600		181,600
Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	16,340	47,370	48,700	102,255
Total investment income—realized	(158,415)	(104,028)	(396,080)	(333,745)
Operating segment
Economic net income
Income (loss) before taxes	(60,378)	246,988	167,997	756,829
Adjustments:
Depreciation and amortization expense	219,339	36,668	297,795	71,742
Equity compensation expense	47,516	65,991	150,677	191,144
Acquisition-related compensation expense	96,697	28,194	204,189	32,824
Acquisition and merger-related expense	1,852	754	12,046	18,364
Placement fees	9,729	32,413	7,611	33,740
Other (income) expense, net	(1,059)	(34,812)	934	(34,666)
Total performance income—unrealized	(170,654)	(415,317)	(280,037)	(1,381,697)
Total performance related compensation—unrealized	124,466	296,044	207,115	1,022,393
Investment (income) loss—unrealized	(4,543)	(5,014)	(6,666)	(57,531)
Realized income	339,185	290,109	1,000,915	768,212
Total performance income—realized	(29,984)	(44,762)	(143,946)	(246,720)
Total performance related compensation—realized	18,858	33,371	91,491	183,308
Total investment income—realized	543	(5,356)	(3,566)	(20,454)
Fee related earnings	328,602	273,362	944,894	684,346
Operating segment \| Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(16,489)	(47,372)	(48,897)	(102,331)
Operating segment \| Subsidiaries
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(5,616)	(5,268)	(6,583)	(8,614)
OMG
Adjustments:
OMG expense, net	98,325	90,840	294,734	226,015
Realized income	95,743	91,233	288,211	225,596
Total performance income—realized	0	0	0	0
Total performance related compensation—realized	0	0	0	0
Total investment income—realized	299	430	1,924	227
Fee related earnings	$ 95,444	$ 90,803	$ 286,287	$ 225,369

CONSOLIDATION - Variable Intere

CONSOLIDATION - Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 21,206,326		$ 21,206,326		$ 21,605,164
Liabilities of consolidated VIEs	16,641,576		16,641,576		16,694,730
Collateralized loan obligations
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	82,200		82,200		103,800
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests related to consolidated VIEs	16,340	$ 47,370	48,700	$ 102,255
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	377,935		377,935		353,768
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	533,941		533,941		583,192
Consolidated VIEs \| Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	12,501,069		12,501,069		13,197,321
Liabilities of consolidated VIEs	11,173,216		11,173,216		$ 12,018,655
Net income attributable to non-controlling interests related to consolidated VIEs	$ 8,733	$ 38,597	$ 28,470	$ 84,285

CONSOLIDATION - Balance Sheet (

CONSOLIDATION - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Assets
Intangible assets, net	$ 670,308			$ 768,818
Goodwill	996,740			787,972
Total assets	21,206,326			21,605,164
Liabilities
Operating lease liabilities	193,180
Total liabilities	16,641,576			16,694,730
Commitments and contingencies
Stockholders' Equity
Additional paid-in-capital	1,911,736			1,913,559
Accumulated deficit	(374,198)			(89,382)
Accumulated other comprehensive loss, net of tax	(28,819)			(1,855)
Total stockholders' equity	1,511,661			1,825,227
Total equity	3,467,648	$ 3,668,147	$ 3,667,621	3,814,426	$ 3,540,526	$ 3,441,115	$ 2,420,568	$ 2,471,774
Total liabilities, redeemable interest, non-controlling interests and equity	$ 21,206,326			$ 21,605,164
Common stock, shares outstanding (in shares)	294,168,505			290,451,548
Class A Common Stock
Stockholders' Equity
Common stock	$ 1,724			$ 1,684
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000			1,500,000,000
Common stock, shares issued (in shares)	172,402,437			168,351,305
Common stock, shares outstanding (in shares)	172,402,437			168,351,305
Non-voting Common Stock
Stockholders' Equity
Common stock	$ 35			$ 35
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	500,000,000			500,000,000
Common stock, shares issued (in shares)	3,489,911			3,489,911
Common stock, shares outstanding (in shares)	3,489,911			3,489,911
Class B Common Stock
Stockholders' Equity
Common stock	$ 0			$ 0
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	1,000			1,000
Common stock, shares issued (in shares)	1,000			1,000
Common stock, shares outstanding (in shares)	1,000			1,000
Class C Common Stock
Stockholders' Equity
Common stock	$ 1,183			$ 1,186
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	499,999,000			499,999,000
Common stock, shares issued (in shares)	118,275,157			118,609,332
Common stock, shares outstanding (in shares)	118,275,157			118,609,332
Eliminations
Assets
Total assets	$ (714,483)			$ (623,309)
Liabilities
Total liabilities	(220,276)			(90,638)
Commitments and contingencies
Stockholders' Equity
Total equity	(494,207)			(532,671)
Total liabilities, redeemable interest, non-controlling interests and equity	(714,483)			(623,309)
Consolidated Funds
Assets
Cash and cash equivalents	683,976			1,049,191
Due from affiliates	7,736			7,234
Other assets	45,387			39,430
U.S. Treasury securities, at fair value	1,005,094			1,000,285
Investments, at fair value	11,569,191			11,816,393
Receivable for securities sold	189,823			281,132
Liabilities
Accounts payable, accrued expenses and other liabilities	121,994			103,258
Due to affiliates	0			0
Payable for securities purchased	419,726			1,118,456
CLO loan obligations, at fair value	10,313,881			10,657,661
Fund borrowings	149,546			127,771
Redeemable interest	1,004,994	1,000,000	1,000,000	1,000,000
Non-controlling interests in Consolidated Funds	834,710			591,452
Consolidated Funds \| Reportable legal entity
Assets
Cash and cash equivalents	683,976			1,049,191
Due from affiliates	17,537			16,761
Other assets	45,387			39,430
U.S. Treasury securities, at fair value	1,005,094			1,000,285
Investments, at fair value	11,564,696			11,812,093
Receivable for securities sold	189,823			281,132
Total assets	13,506,513			14,198,892
Liabilities
Accounts payable, accrued expenses and other liabilities	123,527			117,139
Due to affiliates	178,983			26,210
Payable for securities purchased	419,726			1,118,456
CLO loan obligations, at fair value	10,343,840			10,698,681
Fund borrowings	149,546			127,771
Total liabilities	11,215,622			12,088,257
Commitments and contingencies
Redeemable interest	1,004,994			1,000,000
Non-controlling interests in Consolidated Funds	1,285,897			1,110,635
Stockholders' Equity
Total equity	1,285,897			1,110,635
Total liabilities, redeemable interest, non-controlling interests and equity	13,506,513			14,198,892
Consolidated Funds \| Eliminations
Assets
Due from affiliates	(9,801)			(9,527)
Investments, at fair value	4,495			4,300
Liabilities
Accounts payable, accrued expenses and other liabilities	(1,533)			(13,881)
Due to affiliates	(178,983)			(26,210)
CLO loan obligations, at fair value	(29,959)			(41,020)
Non-controlling interests in Consolidated Funds	(451,187)			(519,183)
Ares Operating Group
Liabilities
Redeemable interest	92,108	$ 93,518	$ 96,347	96,008
Non-controlling interests in Ares Operating Group entities	1,121,277			1,397,747
Ares Operating Group \| Reportable legal entity
Liabilities
Non-controlling interests in Ares Operating Group entities	1,138,659			1,403,255
Ares Operating Group \| Eliminations
Liabilities
Non-controlling interests in Ares Operating Group entities	(17,382)			(5,508)
Ares Management L.P
Assets
Cash and cash equivalents	361,500			343,655
Investments (includes $3,290,381 of accrued carried interest)	4,112,393			3,684,264
Due from affiliates	561,503			670,383
Other assets	275,189			334,755
Right-of-use operating lease assets	159,686			167,652
Intangible assets, net	1,238,108			1,422,818
Goodwill	996,740			787,972
Liabilities
Accounts payable, accrued expenses and other liabilities	305,131			279,673
Accrued compensation	595,330			310,222
Due to affiliates	122,307			198,553
Performance related compensation payable	2,402,019			2,190,352
Debt obligations	2,018,462			1,503,709
Operating lease liabilities	193,180			205,075
Stockholders' Equity
Additional paid-in-capital	1,911,736			1,913,559
Accumulated deficit	(374,198)			(89,382)
Accumulated other comprehensive loss, net of tax	(28,819)			(1,855)
Total stockholders' equity	1,511,661			1,825,227
Ares Management L.P \| Carried interest
Stockholders' Equity
Equity method investments:	3,290,381			2,998,421
Ares Management L.P \| Class A Common Stock
Stockholders' Equity
Common stock	1,724			1,684
Ares Management L.P \| Non-voting Common Stock
Stockholders' Equity
Common stock	35			35
Ares Management L.P \| Class B Common Stock
Stockholders' Equity
Common stock	0			0
Ares Management L.P \| Class C Common Stock
Stockholders' Equity
Common stock	1,183			1,186
Ares Management L.P \| Reportable legal entity
Assets
Cash and cash equivalents	361,500			343,655
Investments (includes $3,290,381 of accrued carried interest)	4,638,092			4,271,836
Due from affiliates	744,981			696,963
Other assets	275,189			338,685
Right-of-use operating lease assets	159,686			167,652
Intangible assets, net	1,238,108			1,422,818
Goodwill	996,740			787,972
Total assets	8,414,296			8,029,581
Liabilities
Accounts payable, accrued expenses and other liabilities	314,932			289,200
Accrued compensation	595,330			310,222
Due to affiliates	122,307			198,553
Performance related compensation payable	2,402,019			2,190,352
Debt obligations	2,018,462			1,503,709
Operating lease liabilities	193,180			205,075
Total liabilities	5,646,230			4,697,111
Commitments and contingencies
Stockholders' Equity
Additional paid-in-capital	1,937,374			1,921,539
Accumulated deficit	(374,198)			(89,382)
Accumulated other comprehensive loss, net of tax	(28,819)			(1,855)
Total stockholders' equity	1,537,299			1,833,207
Total equity	2,675,958			3,236,462
Total liabilities, redeemable interest, non-controlling interests and equity	8,414,296			8,029,581
Ares Management L.P \| Reportable legal entity \| Class A Common Stock
Stockholders' Equity
Common stock	1,724			1,684
Ares Management L.P \| Reportable legal entity \| Non-voting Common Stock
Stockholders' Equity
Common stock	35			35
Ares Management L.P \| Reportable legal entity \| Class B Common Stock
Stockholders' Equity
Common stock	0
Ares Management L.P \| Reportable legal entity \| Class C Common Stock
Stockholders' Equity
Common stock	1,183			1,186
Ares Management L.P \| Eliminations
Assets
Investments (includes $3,290,381 of accrued carried interest)	(525,699)			(587,572)
Due from affiliates	(183,478)			(26,580)
Other assets	0			(3,930)
Liabilities
Accounts payable, accrued expenses and other liabilities	(9,801)			(9,527)
Stockholders' Equity
Additional paid-in-capital	(25,638)			(7,980)
Total stockholders' equity	(25,638)			(7,980)
Ares Management L.P \| Ares Operating Group \| Reportable legal entity
Liabilities
Redeemable interest	$ 92,108			$ 96,008

CONSOLIDATION - Income Statemen

CONSOLIDATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues	$ 801,290	$ 948,719	$ 2,117,719	$ 2,901,926
Expenses
Compensation and benefits	425,419	335,569	1,155,031	837,108
Performance related compensation	142,934	331,141	316,818	1,208,954
General, administrative and other expenses	319,352	134,453	562,441	285,471
Total expenses	898,102	813,267	2,062,654	2,363,108
Other income (expense)
Net realized and unrealized gains (losses) on investments	4,431	8,334	10,765	18,744
Interest and dividend income	2,086	1,376	5,064	6,818
Interest expense	(18,307)	(11,523)	(51,174)	(25,125)
Other income, net	2,601	36,654	10,194	30,686
Total other income (expense)	36,434	111,536	112,932	218,011
Income (loss) before taxes	(60,378)	246,988	167,997	756,829
Income tax expense (benefit)	(11,599)	30,275	22,272	104,487
Net income (loss)	(48,779)	216,713	145,725	652,342
Net income (loss) attributable to Ares Management Corporation	(35,546)	84,726	50,048	284,748
Less: Series A Preferred Stock dividends paid	0	0	0	10,850
Less: Series A Preferred Stock redemption premium	0	0	0	11,239
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	(35,546)	84,726	50,048	262,659
Eliminations
Revenues
Total revenues	(13,484)	(21,784)	(69,487)	(58,072)
Expenses
Compensation and benefits	0	0
Performance related compensation	0	0
General, administrative and other expenses	(14)	0	(241)
Total expenses	(11,746)	(11,102)	(34,948)	(35,078)
Other income (expense)
Net realized and unrealized gains (losses) on investments	(1,002)	5,575	20,691	8,142
Interest and dividend income	(3,734)	(1,326)	(12,541)	(2,877)
Other income, net	(531)	316	274	(175)
Total other income (expense)	1,922	4,973	13,655	13,783
Income (loss) before taxes	184	(5,709)	(20,884)	(9,211)
Income tax expense (benefit)	0	0
Net income (loss)	184	(5,709)	(20,884)	(9,211)
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	0	0	0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	10,397	12,104	28,364	31,575
Other income (expense)
Net realized and unrealized gains (losses) on investments	(30)	34,245	8,031	44,720
Interest expense	(112,762)	(61,578)	(266,028)	(191,577)
Interest and other income of Consolidated Funds	158,415	104,028	396,080	333,745
Less: Net income (loss) attributable to non-controlling interests	16,340	47,370	48,700	102,255
Consolidated Funds \| Reportable legal entity
Revenues
Total revenues	0	0	0	0
Expenses
Expenses of Consolidated Funds	22,129	23,206	63,071	66,653
Total expenses	22,129	23,206	63,071	66,653
Other income (expense)
Net realized and unrealized gains (losses) on investments	(3,760)	36,695	12,445	46,541
Interest expense	(115,690)	(64,752)	(275,947)	(201,916)
Interest and other income of Consolidated Funds	157,884	104,344	396,354	333,570
Total other income (expense)	38,434	76,287	132,852	178,195
Income (loss) before taxes	16,305	53,081	69,781	111,542
Income tax expense (benefit)	149	2	197	76
Net income (loss)	16,156	53,079	69,584	111,466
Less: Net income (loss) attributable to non-controlling interests	16,156	53,079	69,584	111,466
Consolidated Funds \| Eliminations
Expenses
Expenses of Consolidated Funds	(11,732)	(11,102)	(34,707)	(35,078)
Other income (expense)
Net realized and unrealized gains (losses) on investments	3,730	(2,450)	(4,414)	(1,821)
Interest expense	2,928	3,174	9,919	10,339
Interest and other income of Consolidated Funds	531	(316)	(274)	175
Less: Net income (loss) attributable to non-controlling interests	184	(5,709)	(20,884)	(9,211)
Ares Operating Group
Other income (expense)
Net income (loss)	(65,119)	169,343	97,025	550,087
Less: Net income (loss) attributable to redeemable interest	93	324	35	693
Less: Net income (loss) attributable to non-controlling interests	(29,666)	84,293	46,942	264,646
Ares Operating Group \| Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests				264,646
Ares Operating Group \| Eliminations
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests		0
Consolidated Company Entities
Revenues
Total revenues	801,290	948,719	2,117,719	2,901,926
Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	814,774	970,503	2,187,206	2,959,998
Expenses
Compensation and benefits	425,419	335,569	1,155,031	837,108
Performance related compensation	142,934	331,141	316,818	1,208,954
General, administrative and other expenses	319,366	134,453	562,682	285,471
Total expenses	887,719	801,163	2,034,531	2,331,533
Other income (expense)
Net realized and unrealized gains (losses) on investments	5,433	2,759	(9,926)	10,602
Interest and dividend income	5,820	2,702	17,605	9,695
Interest expense	(18,307)	(11,523)	(51,174)	(25,125)
Other income, net	3,132	36,338	9,920	30,861
Total other income (expense)	(3,922)	30,276	(33,575)	26,033
Income (loss) before taxes	(76,867)	199,616	119,100	654,498
Income tax expense (benefit)	(11,748)	30,273	22,075	104,411
Net income (loss)	(65,119)	169,343	97,025	550,087
Net income (loss) attributable to Ares Management Corporation				284,748
Less: Series A Preferred Stock dividends paid				10,850
Less: Series A Preferred Stock redemption premium				11,239
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	(35,546)	84,726	50,048	262,659
Consolidated Company Entities \| Consolidated Funds \| Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests				0
Consolidated Company Entities \| Ares Operating Group \| Reportable legal entity
Other income (expense)
Net income (loss)	(65,119)	169,343	97,025	550,087
Less: Net income (loss) attributable to redeemable interest	93	324	35	693
Less: Net income (loss) attributable to non-controlling interests	(29,666)	84,293	46,942
Management fees
Revenues
Total revenues	548,458	448,262	1,546,350	1,135,821
Management fees \| Eliminations
Revenues
Total revenues	(11,682)	(11,051)	(34,523)	(33,416)
Management fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	560,140	459,313	1,580,873	1,169,237
Carried interest allocation
Revenues
Total revenues	192,186	460,651	417,779	1,610,707
Carried interest allocation \| Eliminations
Revenues
Total revenues	0	0
Carried interest allocation \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	192,186	460,651	417,779	1,610,707
Incentive fees
Revenues
Total revenues	8,882	696	29,979	19,420
Incentive fees \| Eliminations
Revenues
Total revenues	0	0	(34)	(1,528)
Incentive fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	8,882	696	30,013	20,948
Principal investment income (loss)
Revenues
Total revenues	11,582	14,250	15,521	86,477
Principal investment income (loss) \| Eliminations
Revenues
Total revenues	2,144	(6,469)	(21,900)	(9,971)
Principal investment income (loss) \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	9,438	20,719	37,421	96,448
Administrative, transaction and other fees
Revenues
Total revenues	40,182	24,860	108,090	49,501
Administrative, transaction and other fees \| Eliminations
Revenues
Total revenues	(3,946)	(4,264)	(13,030)	(13,157)
Administrative, transaction and other fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	$ 44,128	$ 29,124	$ 121,120	$ 62,658

CONSOLIDATION - Cash Flow State

CONSOLIDATION - Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ (48,779)	$ 216,713	$ 145,725	$ 652,342
Net cash used in operating activities			(543,605)	(1,843,751)
Cash flows from investing activities:
Net cash used in investing activities			(330,046)	(1,072,578)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities			927,081	2,692,984
Effect of exchange rate changes			(35,585)	(20,763)
Net change in cash and cash equivalents			17,845	(244,108)
Cash and cash equivalents, beginning of period			343,655
Cash and cash equivalents, end of period	361,500	295,704	361,500	295,704
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions			12,835	511,069
Reportable legal entity
Cash flows from financing activities:
Proceeds from issuance of senior and subordinated notes				450,000
Eliminations
Cash flows from operating activities:
Net income (loss)	184	(5,709)	(20,884)	(9,211)
Net cash used in operating activities			305,867	(969,200)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities			59,348	(89,857)
Effect of exchange rate changes			0
Net change in cash and cash equivalents			365,215	(1,059,057)
Cash and cash equivalents, beginning of period			(1,049,191)	(522,377)
Cash and cash equivalents, end of period	(683,976)	(1,581,434)	(683,976)	(1,581,434)
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:			(1,128,425)	(1,688,085)
Cash flows due to changes in operating assets and liabilities			(195,504)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds			(195,504)	(729,703)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			298,646	919,666
Distributions to non-controlling interests in Consolidated Funds			(104,432)	(84,770)
Borrowings under loan obligations by Consolidated Funds			1,120,680	1,456,887
Repayments under loan obligations by Consolidated Funds			(121,273)	(74,909)
Consolidated Funds \| Reportable legal entity
Cash flows from operating activities:
Net income (loss)	16,156	53,079	69,584	111,466
Adjustments to reconcile net income to net cash provided by (used in) operating activities:			(1,132,839)	(1,697,529)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds			(427,022)	343,253
Net cash used in operating activities			(1,490,277)	(1,242,810)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			362,752	1,027,454
Distributions to non-controlling interests in Consolidated Funds			(227,886)	(102,701)
Borrowings under loan obligations by Consolidated Funds			1,120,680	1,456,887
Repayments under loan obligations by Consolidated Funds			(121,273)	(74,909)
Net cash provided by financing activities			1,134,273	2,306,731
Effect of exchange rate changes			(9,211)	(4,864)
Net change in cash and cash equivalents			(365,215)	1,059,057
Cash and cash equivalents, beginning of period			1,049,191	522,377
Cash and cash equivalents, end of period	683,976	1,581,434	683,976	1,581,434
Consolidated Funds \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:			4,414	9,444
Cash flows due to changes in operating assets and liabilities			152,692
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds			231,518	(1,072,956)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			(64,106)	(107,788)
Distributions to non-controlling interests in Consolidated Funds			123,454	17,931
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:			320,950	71,133
Cash flows due to changes in operating assets and liabilities			313,649	(149,438)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(28,388)	(15,152)
Acquisitions, net of cash acquired			(301,658)	(1,057,426)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock			0	827,430
Proceeds from Credit Facility			940,000	468,000
Proceeds from issuance of senior and subordinated notes			488,915	450,000
Repayments of Credit Facility			(910,000)	(318,000)
Dividends and distributions			(608,220)	(438,568)
Series A Preferred Stock dividends			0	(10,850)
Redemption of Series A Preferred Stock			0	(310,000)
Stock option exercises			14,531	27,409
Taxes paid related to net share settlement of equity awards			(194,223)	(221,287)
Other financing activities			2,457	1,976
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period			343,655	539,812
Cash and cash equivalents, end of period	361,500	295,704	361,500	295,704
Ares Management L.P \| Reportable legal entity
Cash flows from operating activities:
Net income (loss)	(65,119)	169,343	97,025	550,087
Adjustments to reconcile net income to net cash provided by (used in) operating activities:			382,823	(28,467)
Cash flows due to changes in operating assets and liabilities				(153,361)
Net cash used in operating activities			640,805	368,259
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(28,388)	(15,152)
Acquisitions, net of cash acquired			(301,658)	(1,057,426)
Net cash used in investing activities			(330,046)	(1,072,578)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock				827,430
Proceeds from Credit Facility			940,000	468,000
Proceeds from issuance of senior and subordinated notes			488,915
Repayments of Credit Facility			(910,000)	(318,000)
Dividends and distributions			(608,220)	(438,568)
Series A Preferred Stock dividends				(10,850)
Redemption of Series A Preferred Stock				(310,000)
Stock option exercises			14,531	27,409
Taxes paid related to net share settlement of equity awards			(194,223)	(221,287)
Other financing activities			2,457	1,976
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities			(266,540)	476,110
Effect of exchange rate changes			(26,374)	(15,899)
Net change in cash and cash equivalents			17,845	(244,108)
Cash and cash equivalents, beginning of period			343,655	539,812
Cash and cash equivalents, end of period	$ 361,500	$ 295,704	361,500	295,704
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions			12,835	511,069
Ares Management L.P \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:			(61,873)	99,600
Cash flows due to changes in operating assets and liabilities				$ 3,923
Ares Management L.P \| Consolidated Funds \| Reportable legal entity
Cash flows from operating activities:
Cash flows due to changes in operating assets and liabilities			$ 160,957

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares				1 Months Ended	3 Months Ended		9 Months Ended
SUBSEQUENT EVENTS (Details) - $ / shares	Sep. 16, 2022	Jun. 16, 2022	Mar. 17, 2022	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)	$ 0.61	$ 0.61	$ 0.61
Class A Common Stock
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)					$ 0.61	$ 0.47	$ 1.83	$ 1.41
Class A Common Stock \| Subsequent event
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)				$ 0.61
Non-voting Common Stock
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)					$ 0.61	$ 0.47	$ 1.83	$ 1.41
Non-voting Common Stock \| Subsequent event
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)				$ 0.61